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Basic Management Skills
Recent studies have shown that industrial supervisors are working at less than 60 % of their potential. Basic management skills training is guaranteed to change all this and at such little cost Manager in context Most of my adult...
Is Your Management Style.......Lead By Intimidation?
Is Your Management Style..Lead By Intimidation? So many women make the mistake of thinking that they have to be these big mean diva bosses, to get respect and cooperation from their staff and colleagues. They walk around the office huffing and...
Money management
There are a number of ways that people can use to manage money to stay out of debt and even establish savings over time. Establish a Budget The first, and maybe the most important step, is to set a budget for yourself and stick by it. Take...
Personalities and Time Management
The marketplace is swarming with topics on time management and few include personality types, which amazes me, since our personalities play a large role in time management. For example, we have disabilities, spontaneous, and so-called...
The Best Debt Management Programs - How To Choose
There are gems and there are duds of any business. This is true of debt management programs as well. Your money is very important to you, so you should choose a program that has the best reputation for success. Reviewing the number one...
 
Property Management



If you are interested in buying an investment property then you should have a good understanding of property management. Many real estate investors look for a good income property without realizing the responsibilities that accompany ownership of an income property. That is to say, many do not realize that ownership of an income property involves property management .



Suppose you have found the perfect investment property , an apartment complex of 20 units that is in your price range and will provide you with an adequate monthly return. You must now consider the time it will take to manage the property and whether it is really worth it to you. Property management is no easy task and depending on the property can take up a substantial amount of your time and resources. Let's review some of the more prominent responsibilities of the property management team.



Maintenance - All properties will require regular maintenance, which typically falls on the shoulders of the property management team. Regular maintenance usually involves ensuring the common areas of the complex are in a respectable state. Light fixtures and smoke detectors need to be checked and replaced regularly to ensure they are in good working condition. Common areas also must be cleaned by the property management team so as to maintain the attractiveness of the investment property.



Repairs - Depending on the age of your income property, you will find a variety of repairs that must be taken care of by the property management team. Tenants will likely have issues with leaky pipes, broken heaters, and malfunctioning toilets. These issues must be addressed by property management. Undoubtedly your tenants will encounter issues beyond the norm, and part of your property management


responsibilities will be to address these issues. Property management also includes taking care of outside repairs. Older apartment complexes will likely need the shingles on the roof replaced. As a property manager and owner you must arrange and pay for this. There might be other repairs that must be made such as broken windows and screens.



Billing/Collections - Part of the property management job description is collecting the rent each month. Typically you will have no problem collecting rent from the majority of your tenants. But be aware that when you come across a problem tenant that is not making payments you will have nobody to turn to but yourself to collect the payment. Whatever the scenario, trying to collect rent from a problem tenant is rarely a pleasant experience.



These are some of the major responsibilities and issues that property management teams face each day. Ultimately, as an investor you must decide what size of property you will be able to manage. Inherently, some investment properties are easier to manage than others. The trick is picking out these properties. If you are in a position to invest in an income property but cannot afford to hire a property management team then you better be willing to do the job yourself. Property management is a vital part of making the most of your income property so it is vital that you are not so naïve as to presume your apartment complex will have little or no problems and require minimal property management.



Adam Smith is an informational author for 10X Marketing. For more information on acquiring a commercial loan or a commercial mortgage for your investment property please visit SNCLoans.com



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