Once a real estate investor gets a taste of the first successful transaction, it can snowball. Many real estate investors are rather tentative when making their first offer and afraid they’ll make a mistake, which can be costly.

However, once that first closing takes place and the territory is more familiar, theproperty managers investor is now on constant watch for the next profitable real estate investment. Yet at some point, the investor finds too much time is being spent on answering tenant phone calls about a leaky faucet or a washing machine that quit working. Oh, and another tenant is late, again, on the rent so a few phone calls need to be made. Soon the investor may find that more time is being spent on managing the properties and less time finding the next project. Will a property manager help?

In a word, yes. If you only have one or two tenants and the phone’s not ringing and emails constantly flying in then you are in fact out prospecting more than you are maintaining. But if and when the day comes that you simply throw up your hands and admit you need help, it’s time to call a property management company.

A property manager is many times an extension of a real estate brokerage. One of the first places you may want to look for a property manager is through the original listing agent from whom you bought the property. The property manager will

  • Market your property
  • Screen prospective tenants
  • Maintain the unit
  • Arrange for service calls
  • Collect and disburse the rent
  • Prepare annual reports

Most property management firms offer a sort of cafeteria plan where you can pick and choose the services you need but whichever level of support you require, you’ll find that you’re spending more time making money and less time managing the day to day duties of being a landlord.