Hiring a professional to manage your investment may seem like a straight-forward task – but there are some non-negotiables you should bear in mind.
Blogger: Cam McLellan, director, OpenCorp
A while ago my business partner Al Lewison told me a story about a friend of his, and that his reason for not investing was a toilet seat.
Sound strange? Absolutely, but when I got into it, I realised that what Al’s friend was afraid of was not the actual toilet seat, it was that he was going to get constant calls on maintenance and he didn’t want to spend all his spare time fixing things.
That conversation reminded me that there are a multitude of barriers that hold people back from investing. Now I have never, in years and years of owning rental properties, been called to fix a toilet seat, or anything else to do with my investments because I use great property managers.
So that line of thought brought me to write about what to look for in a property manager, so that you never have to worry about fixing a toilet seat.
These are the non-negotiables for me when deciding on a property manager:
If you’re new to investing you will need to interview managers to find the right one for you. Ask them to go over all of the above points with you and how they would exceed your expectations. If they can’t provide a good depth of knowledge and experience, move on to your next candidate.
Finally, I’m going to leave you with a bit of homework today. Write down any reason that is stopping you from investing in property, and then research how you can overcome those barriers – or better yet, ask experienced investors how they overcame theirs.