Making Money Being Passive

Having someone else manage your property seems counterintuitive to what you have been taught as a child. The idea that someone else is helping you manage something makes sense. When one invests in stocks and bonds, it is normal that an investment banker handles the money.

Stock advisors help steer you in the right direction. The same concept is evident in property management. The property is still solely yours, only a person with the credentials manages all aspects of your property for you. Realty property management is not easy.

Here are some things to look for in finding a property manager:

• Are they knowledgeable of the area in which your property is in? This question is important because this will determine the rental rates that are set for tenants.

• Do they have the prowess of a salesman? Car salesmen can be annoying at times and sometimes they lose deals because of their aggressiveness. The key is to find one that is not pushy and has good communication.

• Are they in it for the commission? You might have heard it said that people who work on commission are often shady. For the most part, that is true. Find a company that charges one flat rate, no matter how big the property is.

• Do they have managerial experience? Often rookies in the field don't have as much success as the veterans do. If there is a proven manager, use their services.

• Do not consider the location of the management company. Because a management company is close to your property doesn't mean that they will be the most effective.

Lynn_K_Evans

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