For those who want to invest in real estate, the biggest factor working against it is the substantial investment in time. Running a property can run you ragged - you have to fix it up, manage the tenants, look for new tenants, and generally do all the things you would have to do as a homeowner. Getting a management firm to run the property for you can save your time and enable you to make more investments in real estate.
Property management firms are businesses that will operate your property for you for a percentage of the rent. The standard is around ten percent, which can be a very good deal if you want to invest in a lot of properties. The firms will do all the essentials of property management - you won’t ever even have to talk to the tenants, they will find them for you. If you’re not a home repair expert, it’s often cheaper for them to be in charge anyway - they will manage enough properties to have a full time staff to handle repairs. For you, it’s a good deal because it lets you own many more properties than you could otherwise manage, and in many cases, the rent payments will cover both the mortgage and the property management fee.
So how do you find a property management company? Many realtors do it on the side, for one, and if they’re affiliated with a larger company it can give you more security and safety. Often you can just check the yellow pages, or call a realtor and ask them to hook you up with one.
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