Engaging in the property market comes with a lot of responsibility – from managing finances to maintaining good quality of the property and looking after the tenants. Eric Wu, a seasoned Chinese investor, shares what responsibilities he faced building $5 million-worth of portfolio.
Being able to ensure that all his properties are managed well entails hard work and a lot of time, so he decided to enlist the help of professional property managers –third party professionals who are put in charge of handling the day-to-day operations of a property investment for a fee.
“I think property managers are really important because I want to come back and think about why do I invest? Part of my goal was to create a better life for my family. It’s not only for the future of enjoying the benefits. Also, I don’t have the dream itself to manage all of the properties. I enjoy my time and own the future as well,” Eric said.
He added: “Property managers [are variable members] for my team because they manage the property and also give advice as well, and also take counsel away from me.”
Aside from providing assistance in the daily management of the property portfolio, professional property managers could also help in maximising the income by being on top of market movements. They could give sound advice on adjustments in rental fee to reduce the chances of losing tenants, as well as cost-effective renovations that will appeal to the market and increase the resale value of the property.
Property managers could also take care of any legal and marketing processes applicable to the investment property, including attending tribunal hearings, holding inspections, analysing tenant applications and checking tenant references, among other functions.
Simply put, if you decide that you want more time for your family, friends and yourself – meaning never having to wake up in the middle of the night to attend to a tenant’s emergency request – then a property manager is just the right choice of a new team member for you.
Tune in to Eric Wu’s episode in The Smart Property Investment Show to know more about his three-stage plan for how he’ll double his assets in under 10 years.