When it comes to managing an investment property, you basically have three options. Today, I'll explain the major advantages of these three options.
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There are three things you should look for in managing an investment property. Should you manage the investment property yourself or use a property management company? You can manage the property by yourself, but let me tell you, it takes a lot of time. Make sure you have both the temperament and time if you plan to do it on your own. So what about hiring a property management company? The great thing about hiring a company is that they know property management laws and tenant-owner relationships. They can manage security deposits (which have to be managed in a certain way) and can take care of credit reports and evictions if they need to.
Property management companies can handle deposits, credit checks, and evictions.
You can also hire individual property managers. If you work with an individual property manager, check their references to make sure it's not the first time they've managed property.
If you have any questions about the best way to manage an investment property, give me a call or send me an email. I'd be happy to help!