Lake lessons and real estate
I cannot water ski. I’ve tried it countless times–one day an entire afternoon was spent attempting this impossibility. I can, however, tube. Probably because this requires no skill other than hanging on for dear life, the kind of hanging that leaves your hands throbbing for a bit afterwards.
But I don’t tube alone. I fall off after about 30 seconds if I don’t have someone else on the tube with me, balancing the weight on spiraling turns. And it’s far more enjoyable when someone else is out there with you.
Well, I think there’s a real estate lesson to be learned through my lake leisure experiences. Just like tubing is more successful and fun with others, so is real estate investing. Many of the successful real estate investors out there, credit their lofty achievements to teamwork. They recognize the value of help when taking such a huge financial venture.
These savvy investors do the research, and take the time to handpick a team of successful professionals working together with a common goal.
One such professional is a property manager.
A property manager (their title explains their job duties quite nicely) manages the property for the investor/landlord. While the definition is short and straightforward, a property manager is responsible for quite a lot. They find an ideal property matching the needs of renters in the area; they also find quality renters and act as the liaison between tenant and investor.
If you want excellent renters, however, make sure you’re working with an excellent property manager.
A quality property manager is committed (after all, this is a relationship). Ideally, it’s great to find a manager who can commit for the length of time you plan to hold the investment. It’s also helpful to find a professional who does this sort of thing on a full-time basis. Many property managers simultaneously work as selling agents, but I recommend working with one who exclusively manages properties.
To find property managers in your area, browse the Internet or phonebook. Look up real estate agencies with separate divisions for property management or even a firm completely dedicated to managing investment properties. Regardless of which avenue you choose, many of the property managers you’ll interview are licensed real estate agents–this is a requirement in most states.
So, applying a lake lesson to real estate investing, I recommend going it with a team. And, as covered above, one crucial team member is the property manager. They are, after all, the connection between you and your renters, and as such, they should be friendly and easy to get a hold of. When you find the right manager (or tubing partner), treat them with the respect and professionalism they deserve.