What do property management companies do? As an investor are these really necessary? This is a question that I get asked a lot. A lot of investors feel that hiring a rental property manager is unnecessary or superfluous. They feel they can handle things themselves. So I explain what a property manager does and why this concept is central to our Remote Control Retirement Riches formula. For instance, while I can very well clean my own home, I choose not to – similar to not having to manage your property. You can check out this podcast or read on to know more.
We've all heard horror stories about the dreadful tenant who calls up the landlord in the middle of the night because their kid's toy caused a plumbing emergency. Or we've heard about the unsuitable tenant who got in because the landlord skipped the vetting process. Maybe we should blame all those sitcoms for telling us these stories, but they do happen in real life as well. A landlord’s job can be quite demanding, and there are a lot of hassles that will take up your time and energy.
Property management companies save you all the hassle. They take care of the day-to-day nitty gritty of dealing with the tenant, collecting rent, having repairs done, and taking care of other issues. They will also help you find a suitable tenant, and take care of the vetting process so you know exactly who you're letting into your home. They help you create and sign the lease document so that your interests as the owner are taken care of. Getting the property cleaned, regular maintenance, garbage disposal, and general upkeep are also taken care of. This frees you up as a landlord to do the things that you like and you want to do.
A good property manager is central to the Remote Control Retirement Riches system. The company providing property management services also provides you, the investor, valuable peace of mind. It also offers you the option of buying property wherever you want. You don't have to invest in property close to where you live; you can invest anywhere you want. No longer are you required to buy real estate within ‘easy driving distance of where you live’ as the old timers will tell you. You can choose to buy homes in the best-growing markets and where your property has the most favorable price-to-rent ratio.
You are no longer constrained by geography when you know that an efficient, capable company or person is taking care of your home and tenant for you. Did you know, out of the approximately 10,000 homes we have sold over the years, about 20% have been bought by overseas investors? They own property here and have tenants on their property when they don't even live in the United States. Reliable and well-equipped property management service providers can give you this option.
At ICG Real Estate we are in touch with several property management companies that can give you the peace of mind you seek as an investor. They give you the option of owning property and earning income from it without having to be bothered by the hassles that come with being a property owner. To know more about our investing system, visit our website and sign up for our updates or join our upcoming online real estate event.