Notes

Why Use a Property Manager?
I have talked with a lot of investors who've sold their properties and moved their into other asset classes including stocks or bonds because they think rental properties are far too big of your headache. The scenario is always exactly the same. richmond property management companies made careful analysis invest their money, they heard rental properties were a nice income makers, they get a few properties, and then try to manage them automatically.
Pretty soon they are burned out from coping with tenants. After several bad experiences and plenty of telephone calls from renters, they choose that accommodation is excessively big of the headache and they also sell out. I have heard this at least a number of times and each time I hear this I always ask "Why didn't you let a property management company handle your properties?".
Most almost daily I get a response of "well it costs excessively much". In truth, most property management companies charge between 8-10% of gross rent collected for residential properties and 3-5% for commercial. This can be a small fee to cover what you get.
There is really a difference between a home manager and a property management company. When you hire a house manager you are hiring an employee. You will have to outlay cash a salary and pay payroll taxes on them. When you hire a house management company you're simply outsourcing the management to your company. They are not an "employee" of yours.
In most all cases I lean towards employing a company as an alternative to accepting a worker. If you only own several properties you'll only engage a company since you won't have enough income to support a staff's salary. At some point, when you get large enough, it might be in your greatest interest to work with a person whether full-time or part-time.
Here's some great benefits of hiring a home management company when you start purchasing rentals.


A professional property management company knows legislation for landlords and can make certain you're doing everything legal

A professional property management company are fully aware of how you can most effectively promote your properties to attain the lowest vacancy rate

They will also know how to get the most rent out of your property given that they have in mind the market

They will have a network of contractors for top level rates for repairs and maintenance in your properties

You can learn off their useful knowledge and experience from managing rentals
You should manage the properties yourself. Many people do. If that's that which you like along with some time, there's certainly nothing wrong your. But don't forget learn a great deal from employing a professional company.
You would want to get references before picking which company to go with. Also, make sure they have got their property license. You also require a company who focuses on your kind of property. For example, you won't pick the same company for the commercial property while you would a single home.
The bottom line is if you wish to be a venture capitalist or do you need to be considered a landlord. Personally, I don't want to be described as a landlord so I use property managers.
Happy investing!
Website: http://www.masonre.com.au/