Most people value their properties and houses, after all it is a great achievement to own a house of your own. However, most people get to build more than one house or inherit properties from their relatives.
At times after building a house, one gets an opportunity to work outside the country leaving their property behind. It is at times like these that the question of property management comes into play.
There are a number of options when it comes to property management with the first being of course Self-Management. However, taking into account the above scenarios where one does not have enough time to manage their properties or are not available to do so, there are other options as well. These options include but are not limited to:
Negotiating a contract with a Property Management Firm.
Hiring an Individual/estate agent.
Engaging a Relative.
We shall touch on each one of these in subsequent blogs, discussing the pros and cons of each one so that you can make the best choice for you depending on your situation and preferences. Today we will touch on Self-Management is the most common and best option for many people.
Self-Management cuts out the middle man and so saves money in that regard. As the property owner, one can choose the tenants they deem are suitable and major decisions are made by the property owner. They may choose to consult their tenants on the best way forward depending on their relationship. This option makes it possible for good relationship to be formed between the tenants and landlord/landlady.
This option is not always the best at times especially taking into consideration that the owner of the property may be managing the property remotely. A lot can happen in their absence and it may cost more if there is traveling involved. In addition is the fact that the owner may not have much time and so it may become strenuous for them.
Self-management is therefore always best when the landlord/landlady stays with the tenants.
Source: Tips For Landlords –Personal Finance Workbook- 2nd Edition