Thursday, May 16 2013
You are buying a second home: this will be more than a sizeable investment — by any measure, it’s a considerable personal achievement as well.
That second home may be a family retreat, a vacation property you will be renting out (at least part time); or a pure income-producing rental. When a realistic appraisal says that you won’t be able to devote much time and attention to your new holding, the way to fill that gap is to locate an experienced local property manager.
As you will learn, it’s a specialized field. According to the latest studies, the median income for property managers nationwide tops $80,000 per year — a pretty trustworthy real world indicator that what they do has substantial value. If your second home is going to do duty earning additional income, the last thing you want is to face a commitment that competes with your full-time profession. Yet when tenants experience problems, dealing with them right away is a ‘stitch in time’ that does more than fostering good will. It can wind up saving money!
Your new property is a business, and like any, needs cash flow supervision. A vacation home, for instance, may from time to time incur unforeseen end-of-stay housekeeping costs which could require an extra payment. Your local property manager will handle this kind of problem for you (in fact, he or she probably made sure your rental contract foresaw this in the first place!).
Whether or not you buy your second home for profit, you want it to be more of a joy than a burden. A professional property manager delivers insulation from the smaller details, and corresponding relief from the stress of 2 am phone calls, maintenance worker no-shows, and all the other day-to-day management details.
If you are fortunate enough to be in a position to buy or sell a second home in the area, I offer the kind of first-tier real estate service that will get you what you are looking for. Contact me anytime for reliableproperty manager recommendations — Evansville has some of the best! You can reach me on my cell phone 812-499-9234 or by email Rolando@RolandoTrentini.com Comments:
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