Have your real estate managed by a pro
Whether it’s because of lack of time or the desire to do the job yourself, the management of your property can be delegated to a professional; it’s less bother for you and results in optimal returns.
Not interested or don’t have the time? Managing a rental property isn’t an easy job. It’s a demanding “business” that requires availability and reactivity. For those of you who’d like to delegate this job, turning to a professional (real estate agent, property manager) is an effective solution.
Being close by
It’s best to choose a manager that is close to your rental property. This way the “pro” can easily and quickly be on hand to show people round, take stock of any damage, or to resolve any practical issues. Such geographical proximity is precious as it saves on the travelling time required by your pro and so, saves money.
Experience and reputation
Looking after a rental property is no easy feat. It doesn’t just involve collecting rent. Rent receipts need to be issued, tenants have to be chased in case of late payment, co-op charges need to be apportioned between landlord and tenant, the rent needs to be calculated and revised, any eventual repairs or works have to be managed, the inventory prepared and verified at the beginning and end of the tenancy, the search for and selection of a tenant, management of the deposit, and so on. Experienced professionals are able to tactfully manage all these tasks and to handle any disputes with tenants that may arise.
“Up to date” knowledge
The rules governing real estate are constantly changing: with new decrees and orders in addition to legislation, and you need to be able to understand and interpret these rules in order to apply them to the day to day management of your property. A pro is informed (often in advance) of all such changes and developments. Thanks to digital resources (databases, apps), legal monitoring by professional bodies (unions, trade associations) and on-going training in certain subjects, the professional is able to integrate such developments into the management of the properties in their portfolio. The specialist is able to advise you should you wish to sell, in particular, if the property has a tenant.
From a technical point of view, the pro has access to a well-stocked address book enabling them to reach out to various companies in an emergency or should you wish to carry out works. They are in a position to judge the quality of such work and any quotes given against their knowledge of the market.