If the inexperienced agent hasn’t offered to ‘manage’ the property after escrow has closed, several investors prefer to manage the property themselves (only licenced real estate brokers can manage rental properties). When these unsuspecting landlords are confronted with the complexities of Fair Housing rules, Equal Opportunity issues, civil rights issues, anti-discrimination issues, poor tenant screening issues, notice of default issues, eviction issues, and finally collection issues, they often seek the assistance of a competent property manager or property management business.Do you want to learn more? Visit Polaris Property Management, LLC
A competent property manager, if rescued in a timely manner, will turn around an investment property and help the investor’s decision pay off. With the help of a professional property manager, the return on investment can be appreciated, and the owner can spend more time enjoying the investment rather than worrying about it. The property management company will handle the investment, upkeep, tenants, and any other problems that arise as a result of the property.
In order to maximise an investor’s return on investment, it is important to educate both inexperienced real estate agents and novice investment property owners about wise property management. It’s uncommon for a property owner to successfully manage their property or assets and earn the highest possible return in that market. The reason it’s uncommon is that the average manager-owner isn’t using the most up-to-date property management strategies, software, screening procedures, and, most significantly, isn’t keeping up with the constantly changing landlord-tenant rules. Every January, a slew of seemingly ever-more tenant-debtor-friendly laws are passed that most people are unaware of. When a new law goes into effect, the lone-ranger owner has yet another possible pitfall to fall into and end up on the wrong side of a lawsuit. To balance out and spread risk through their investment portfolios, investors seeking diversification have often turned to a rental property or a series of rental properties.