3 Options to Manage Your Investment Property with Ease

November 15, 2016 Marketing

As a real estate investor, flipping a property and then holding it as a rental investment can be a solid strategy to build out your real estate portfolio and to see a monthly stream of income. But with a portfolio of rental properties comes the question of management.

Who will market and find tenants for the property? Who will take care of day-to-day maintenance issues? Who will collect rent and take care of evictions, if needed? Thankfully, there are several options to manage your investment property with ease. Here are just a few:

#1. DIY Management

Depending on the location of your property and your willingness and availability, do-it-yourself management is always an option. This is a particularly attractive option to those who have real estate industry experience, or for those who have just a handful of properties to manage.

If you’re thinking about self-management, make sure you’ve really considered the situations that might arise (maintenance issues, marketing and tenant screening, rent collection, etc.) and how you will handle them.

#2. Outsource Important Roles

Another option for those who are considering self-management is outsourcing important roles to third parties. For the DIY property manager who doesn’t want to handle maintenance issues, for example, there are companies you can hire to take on that particular role.

This is a great option for someone who wants to stay closely involved in the management of the property, but doesn’t have the time or expertise to tackle some of the big roles. It is important, however, that any person or company you hire is licensed and insured to do the work you’re hiring them to do.

#3. Hire a Property Manager

Whether you have a large portfolio or just a few properties, hiring a professional property manager is always a great idea —particularly for those who aren’t interested in self-management or for those who have properties in various locations. Look for a property manager with a wealth of experience with your particular property type and location.

A great property manager should give you peace of mind that your investment will be taken care of.

Adding to Your Portfolio?

At Patch of Land, we help real estate investors find great opportunities and flippers find funding. Whether you’re looking to grow your real estate investment portfolio or need funding for your next project, browse the opportunities available to you today. We’re always just an inquiry away, so be sure to reach out.

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