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How will you travel if you're stuck taking care of property?

If you own investment property, you know that cash flow is king. Using a property management company costs you some of that cash each and every month, so why wouldn’t you just do the work yourself? If that thought has crossed your mind, a list of reasons is presented below. Depending on your goals and position, it may make more sense for you to do the work yourself; for many, the additional expense is worth it.

Accessibility – If you own investment property in another state, it’s likely well worth it for you to hire a local property manager. You can’t drive by the property so easily, but they can. You can’t meet tenants and explain the rules, but they can. You can’t quickly respond to an emergency, but a local property manager is there to make sure everything’s taken care of.

Legality – Are you up-to-date on the latest local, state, and federal laws? Do you know when you have the right to evict a tenant? Do you know what notices you’re required to give, how you’re required to present them, and when they should be sent? Are you breaking the law that carries a fine of $37,500 – per day? If you’re not able to keep up with the latest legislation, it might be in your best interest to hire a property manager.

Time – You might have a job that you need to show up at everyday. You might simply prefer to do what you want instead of chasing tenants or coordinating repairs. Whatever it is you’ve got to do, you’ll have more time to do it in if you hire a property manager.

Peace of mind – Is the lawn mowed? Did the tenants send the rent like they said they would? When will you find time to show that vacant unit? What if it doesn’t rent? Is the roof okay after the hailstorm? If you’ve got a property manager, you don’t have to wonder. Someone else is responsible, and you’re free to do what you want.

Realistic investors understand that any asset must be properly maintained–you’ve got to feed the goose that lays the golden eggs. Hiring a property manager is a cost, but one that gives you freedom. Is it right for you? To find out more, email chrissie@ampersandpropertymanagement.com.

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