When we first start out at something new, making mistakes is one of the ways we learn to improve.
This is a process that starts as soon as we’re born: learning to talk and walk is only the beginning of us turning to a best friend to get help and advice. However, as we get older we find that friendly advice is not necessarily the best advice. We need professionals with experience behind them to help us find direction and hit our goals; like using a driving instructor to learn to drive.
When it comes to property investment, the benefits are clear – not only will a good investment provide the opportunity to make a more than worthwhile capital gain, but the property investor benefits from the kind of passive income that will make a real difference to lifestyle. And, let’s face it, if we make a mistake when we’re learning to walk or ride a bike, the worst consequence is likely to be a few lumps and bumps, cuts and bruises. Make a mistake as a property investor, and you could lose thousands.
Making the most from your property investment
One of your best friends as a property investor is the one that makes things easier for you. If you’re working to a property investment strategy that’s biased toward buy-to-let, then this friend will be the one that takes away all the day-to-day responsibilities: the property manager.
The point of property investment is to create an income stream that will provide the funds for an easier, more enjoyable life. The income or profit you make as a property investor should enable you to do all the things you want to do, giving your time back to do them. If you spend your entire time managing your buy-to-let property yourself – collecting the rent, doing property inspections, fielding phone calls from your tenant and attending to those small maintenance needs – you’ll suddenly find you’ve got a second, full-time job on your hands.
How to hire the best property manager
If you want to have extra time to spend with your family or to do the things you love doing, the right property investment strategy will provide the funds to do so. By doing all the day-to-day work of property management yourself, you take that time away again. So it makes sense to hire a property manager: the question is how to select the best one for you.
Here are a few tips to do so:
- Ask local property owners and get recommendations
- Make sure your property manager already manages a number of properties of the type in which you have invested
- Ask the property manager about their ‘boots on the ground’ – how many agents do they have, and what are their links to local tradespersons?
- Consider costs, but remember that you generally get what you pay for
- Think about how the property manager communicates with you: will they communicate in the best way for you (perhaps email, telephone, or skype)
These are just five of the things that you’ll need to consider when hiring a property manager to make your property investment work best for you. There are plenty of other questions to be asked. And there are also other friends that you’ll need to benefit most from property investment.
Live with passion and fun,
Brett Alegre-Wood
