Hiring a Property Manager (Part 2)

Last post: Hiring a Property Manager (Part 1) "Do you need a Property Manager"


Many landlords I speak to and counsel; tell me about all the horror stories. The unexpected repairs, the horrible tenants, and they usually end with “I don’t know why I bought this thing…”

So why did you by the property anyway? Buying an investment property most likely wasn't an impulse decision like buying a shirt at the mall. Normally buying an investment property is part of some sort of a plan. This plan could have been a well thought out investment strategy or merely “I want to own something that will make me rich...” Either way you wanted to gain something by buying the property. Whether you’re talking about cash flow or long-term wealth or BOTH; money was most likely the motivation. $=freedom remember that $=freedom. The freedom to take vacations, the freedom to not have to work your whole life, the freedom to buy the things you want, when you want them. You bought the investment because at some level you wanted FREEDOM!!! If Freedom is your goal than why would want to create another JOB for yourself. Let’s say freedom isn’t your goal you just want to make money; sounds good… you are so busy with your NEW JOB making all this money… you will never have the time to enjoy yourself.

So now you have a few choices, assuming the properties are cashflowing, make lots of money doing it yourself and having no freedom to enjoy the money. Or hiring someone to do the work for you freeing you up to enjoy the $$$.

Part 3 “What makes a good manager”

Peter N. Lamandre is a Licensed Real Estate Broker, Consultant, Speaker, Mentor and Licensed Real Estate Instructor in Scranton Pennsylvania. He currently owns and operates Better by Design Real Estate, LLC a full service Real Estate Brokerage in Scranton, PA. One of the areas of specialty for Better by design Real Estate, LLC is property Management. Peter is a member of IREM (Institute of Real Estate Management), the National Association of REALTORS®, the Pennsylvania Association of REALTORS® and the Greater Scranton Board of REALTORS® where he services on various committees and taskforces. Peter can be reached at his office at (570) 969-2105 or by visiting BetterByDesignRE.com.