VAIDS

Tuesday, July 26, 2016

QUESTIONS TO DETERMING IF YOU NEED PROPERTY MANAGEMENT FIRM

While every investor’s situation is different, there are certain scenarios and factors that typically pre-dispose owners one way or the other. The following questions are designed to help you determine if you should consider hiring a property manager.


1. How far do you live from your rental property and how frequently can you visit the property on a regular basis?


If you are close you may be able to make the regular visits required for maintenance, inspections, collections, etc., otherwise the further you live the higher your travel time and expenses will be. The larger the distance the more temptation there is to not keep a close eye on things, and that can be a recipe for disaster. You should plan making monthly scheduled visits and there is always the potential for a middle of the night emergency call that requires your immediate attention. In the long run, is this feasible for you?

2. Are you willing to confront tenants about late payments and if need be evict them from the property?
 
Many new owners dislike feeling like the bad guy and try to be understanding by making exceptions. The problem is that this only invites additional abuses and excuses by tenants. Late payments must be dealt with immediately, and while sometimes a friendly reminder is all that’s needed, other times, it can be a very confrontational process ending in eviction. Unlike running a charity, running a successful rental business means enforcing the rules even it means evicting a single mother who lost her job and won’t be able to pay rent anytime soon.
3. Are you currently overwhelmed with your property(ies)?
 
Managing rental properties can become quickly overwhelming, even for experienced investors. There is always something going on that requires attention and it takes very little time for things to get out of hand. Hiring a property manager can provide an opportunity to regain control and restore stability to both your properties and possibly life in general.

4. How many rental properties or units do you have?
 
As your portfolio grows so do the management challenges and it becomes easier for things to fall through the cracks. Investors with large portfolios stand to reap significant benefit by leveraging the efficiencies a property manager can provide. Size can also constrain investors' ability to consider purchasing new properties if they're already maxed out managing their current holdings.

Contact Us

99 PROPERTY NIGERIA LIMITED
TEL. +234(0)8099994939 / +234(0)8099994949
info@99propertyng.com | enquiries@99propertyng.com

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