The Ins and Outs of Managing Property

March 23rd, 2020 by admin Leave a reply »

Having a property or two is a good sign of personal economic stability. As investments, they can become financial streams. However, they can also become financial sinkholes when they are mismanaged. If you have a property that you manage on your own, you should be aware of its pros and cons.

Pros

Managing your own property gives you direct access to how it is operated. You supervise the repairs and fixes, or the changes done to it before it is offered to potential tenants. You also deal with them and decide whom to grant temporary care and ownership of your property as tenant.

When you are hands-on with your property, you become in-charge of tenant screening. With this, you have the sole discretion on who will stay on your property. It’s like building good relationship with your tenants because you personally deal with them. When problems arise, you don’t have to ask someone to deal on your behalf.

Another advantage of managing property on your own is it allows you to see the real condition of the property. You can conduct regular visits or inspections to see whether the property and its contents are well-maintained by the tenant.

Managing the property on your own will also let you directly collect rental payments. You can be confident that what is due for you will be given to you. You can avoid fears of non-remittance, a common problem encountered by property owners who authorize another person or entity to collect property rentals in their behalf.

Cons

If you are alone in the task of managing your properties, you will have a very busy schedule. Because you are in charge of all tasks relevant to its management, most of your time will be consumed. This will leave less time for your personal, family, and social lives. Sometimes, business tasks will have some conflicts to your other schedules.

All of the given tasks in property management are also tedious. There are lots of documents to read, review, prepare, and process. If you have multiple properties to manage, you sometimes have to go back and forth from one property to another.

Property management entails a lot of tasks. The advantages and disadvantages discussed herewith are for you to carefully weigh whether managing your own property fits your time and lifestyle. Otherwise, you can always find a reputable property manager who is willing to extend his professional expertise and assistance to lighten up your load.

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