What is Property Management?
Property Management is the bread-and-butter of real estate investing. It is the day-to-day processes and operations involved in overseeing a physical “real” property and can include residential, land, and commercial real estate. Notably, Real Property Management focuses on property management for residential real estate.
Property Management companies are in place to relieve investors’ pain points and help with the 3 T’s: Tenants, toilets, and troubles. At Real Property Management, the goal is to provide “out-of-mind” processes for the investor so that they can (1) continue growing and maximizing their portfolio, and (2) spend time doing things they love doing!
Why Would Someone Hire a Property Manager?
Property Manager’s ensure their investors goals are being met and exceeded. Goals can include, but are not limited to:
· Reducing tenancy turnover
· Practicing preventative maintenance processes to reduce long-term costs
· Advising on local real estate trends and forecasts
· Budgeting monthly accounts
· Growing your real estate portfolio!
For example Real Property Management Property
manager services include, but are not limited to:
So much more!
Now, Let's Put Ourselves in The Investors Shoes
We can ramble on and on, but let’s look at some real investor scenarios that we see often:
Scenario 1: You work a busy 9-5 job, and your tenant calls you out of the blue with an urgent maintenance request. Do you (1) leave work early and potentially lose income to tend to the request, or (2) let a Property Manager deal with the situation?
Scenario 2: Imagine you are in Hawaii with your family on vacation enjoying the warm sun. It’s the middle of winter and you get a call from your tenant saying the furnace broke down. Canadian winters can be brutal, so the request is urgent! Do you (1) leave your loved ones for a bit to handle the situation, or (2) have your Property Manager fix the situation so that you can spend time with your family?
Scenario 3: You just bought a new rental property – yay! It has come time to list the property online to gain tenant traction. There are so many sites to choose from – how do you know which one will bring in quality (not quantity) tenant leads? Ahhh! It’s overwhelming – and don’t forget about the time it takes to actually screen tenant leads. Property Managers do this every day. We know the tips, tricks, and “know how’s” to bring in the highest quality tenant for your property. It’s almost like it’s our day job lol!
Each scenario above represents a series of trade-offs between time and money. Let’s not forget, time = money. In economic terms, it is the opportunity cost the investor is choosing between time lost and time earned back. That’s why they should hire a Property Manager – to earn time back. The time earned back can be used to (1) learn a new skill, (2) spend time with friends and family, (3) learn more about real estate to diversify and grow their portfolio.
Rental property investing is a rollercoaster with unexpected twists and turns along the way. Property Managers are in place to minimize the potential of the unexpected occurring, grow their investors portfolios. Do you think you would thrive in this fast-paced ever-growing industry? Have you considered starting your own property management business? We would love to connect with you and tell you more about the great franchise opportunities we have here at Real Property Management. Fill in our short contact form and a member of the team will reach out to you!