Many of my friends have already invested their hard earned money in real estate. Some have invested, like many of us, for the dream house they always want for all through the life. Some other friends invested their small savings in the real estate field to gain some good returns by purchasing properties at low price and selling it off at a higher price in a short span of time. Some have let out their properties as well to gain an income.
Recently I purchased a property. Of course I got it really at a low price. But I do not want to sell it off immediately to gain short term gains. I know many investors do this. I have decided to keep it for few years before selling it off. Then the option left with me is to rent it out to be a credible tenant. This assures me a steady income from the property. Many investors follow this route also. But here is a challenge.
Real Estate Management is easy.
The challenge I mentioned earlier is the management of the real estate. Letting out a property requires a perfect real estate management 101 process. I know many people, landlords as well as tenants, having sleepless nights due to the problems with the rented properties. Real estate management is not an easy job. I have many friends who just keep their property idle in order to avoid the hassles of letting out to a third party.
The fundamental of management 101 is to find out excellent tenants with good credibility and good credit records. It also involves collecting the rent from the tenant at the right time and passes it over to the landlord. Real estate management should also help both parties in ensuring that Landlords as well as tenants do their duties perfectly at right instants.
Real estate management has to make all the documents regarding the tenancy agreements in time and perfectly error free. They should see that the property is in a perfect condition at the time of renting out. They should make sure that all repairs are done and maintenance like painting, polishing and other minor works are done on the property.
Do you feel that it is not possible for you to handle all these difficult tasks?
What is the best option for you to have a better real estate management?
There is really a hope. You can hire a real estate management firm, which can carry out all these activities. They will spend their valuable time and efforts and make sure that both parties move in tandem.
The real estate management firm will charge a small amount as commission for doing these awesome works for you. If you compare the conveniences you gain from the services of the real estate management firms, you will absolutely convince that the amount you are paying as commission is very minimal.
You have to do much homework before selecting a perfect real estate management firm. As in any field, here also many firms are out there good and bad. You have to check and convince the credibility of the firm before hiring them.
If you hire a good real estate management firm, they will assure you that your property is occupied all through the period without any gaps and also you can be assured of getting uninterrupted rent month by month without any hassle.
Remember to master management 101 - basic of real estate management.