Today we will talk about the third property management option that is engaging an individual i.e. an Agent to manage your property. The agent can be a relative or another one of your tenants.
The best thing about getting a relative or to manage your property on your behalf is that there might not need any payment for the services and even if they do it will not be very high. They may live on site thus enabling them to better manage the property. In addition is the fact that you know them and so chances that they are trustworthy are high. An individual will also have focus on your property thus any problem that is likely to arise is identified and dealt with in time. Tenants can also be closely monitored this way and have respect for the individual because they are related to the landowner.
However, there are some disadvantages as well in that the landowner is held liable for the manager’s actions therefore there is need to choose wisely. Hiring or asking help from your tenant or relative makes them your employee and the likelihood that there will be issues is high.
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