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Professional Property Management | International Residential Real Estate Investors Association
Wednesday January 24th 2018

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Professional Property Management

Professional management often gets a bad rap.  The reasons are clear.  Management company’s can quickly run up expenses and are always focused on their fees.  While these are issues, this is not a reason to avoid professional management.  Instead this is a reason to more effectively manage your manager.

Managing the manager begins with requirements established and agreed to prior to beginning managing a property.  Critical considerations are terms and conditions that establish how the expenses will be managed and approved, penalties or what happens if the property fails to perform under their management, and conditions for removing your management company.

The advantages of professional property management are clear.  A good manager already has resources to call on for onsite support, contract maintenance, supplies, and other services needed to operate the property.  Further, they should offer scale to your property that may well off set any savings your own management would theoretically provide.  Further, if the manager has a foot print that spans multiple markets and professional manager can significantly expand your ability to invest in opportunities over a wider area allowing you to decrease your market risks on your various investment holdings.  Finally, a manager who becomes committed to you as a customer may offer valuable advice regarding the acquisition of new properties, improvements required by the property, or the disposal of properties as market conditions change.

Unless you plan to operate a very specialized portfolio or have a significant holding you may very well be better off in the hands of a professional manager than managing properties yourself.

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