Becoming A Property Manager

Property management can be quite lucrative, but it’s not an easy to field in which to succeed. There are two types of property managers: those who manage their own properties and those who manage properties owned by others. However you plan to pursue this new avenue, you can be sure there is plenty of opportunity for success. The most lucrative plan is usually to manage your own investment properties, because you won’t need to pay any fees to anyone. No matter how you plan to enter the field, you will need plenty of research and possibly the help of a mentor to ensure you don’t make some of the common mistakes others have in the past.

When you take over property management, there are a lot of details you will need to consider. Not only must you collect the rent each month, you will also be responsible for the maintenance and care of each property. It is important to list in the lease what the tenant and landlord will each be responsible for so as to clear up any confusion that could arise later. The maintenance issues can cover anything from electrical and plumbing issues to paint on the walls. When something breaks, it will be up to you to repair it, whether you do so on your own or hire an expert.

You will also be responsible for maintaining the insurance on the properties. When someone is living in your house or apartment, you will be liable for any injuries caused by issues with the house. This can include faulty wiring or falling objects. If you don’t carry insurance, you could pay for it sorely later. This is also another reason to be sure everything in the house or apartment is always in working order.

There is a lot of software available that could help you keep all of your financial and managerial responsibilities straight. You can see the incoming and outgoing expenses for each property and calculate the profit made each month. Realize in the beginning that not every month is going to end in the black, especially if you find there are a lot of repairs to be made on any particular property. You must also account for months when any of your properties are vacant. If you keep everything managed well, however, there is no reason you can’t make a nice living from your investment properties.

By: Ken Boutilier

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Ken Boutilier is an Atlantic Canadian based real estate investor, trainer, speaker, consultant and entrepreneur who has combined his knowledge of real estate investing and Internet marketing to train and teach others how to increase their cash flow through successful real estate investing. Learn more at Real Wealth Atlantic.