Do you need a Property Manager?
Okay, do we need a Property Manger or can we manage that ourselves? Pretty firm on my opinion on this.
I use a property manger 100% of the time and I'll give you some reasons why.
Number one, it's their expertise. They've been doing it for years hopefully, so they know what they're doing much more than I would if I was dealing directly with a tenant. They take the money, they manage the trades if things need to be fixed, they produce an annual statement for me, so I can send that straight on to my accountant, they're the middle person between tenant and landlord, so we don't have to be dealing direct with the tenant and being caught up with emotion of trying to get some money that's overdue, or dealing with them with a leaky pipe or something like that. Right, I stick to what I'm good at during the day, and allow them to do the same as property managers.
In most cases it's a tax deductible item for them charging us a fee for the service that they do on behalf of us for our property, okay. When we're investing in residential real estate, it's a business, right. It's essentially a cost of doing business to employ a Property Manager in my mind. If we want to do it ourselves, just be prepared for the heartache. Be prepared for a call at any stage throughout the day. We've basically got to drop everything and attend to that on behalf or for the tenant, okay. Not for me. I want to maximise my lifestyle and let them do it for me on my behalf.
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