Who is doing the property manager job, you or someone else?

The property manager job does not attract many applicants, because the misconceptions, distortions and half-truths about "property management headaches". The answer depends on your own personal situation and investment goals, not fear.

You have just purchased your investment property. It does not matter whether it is a 10-unit apartment building, a small office building or a single-family home. It is an attractive rental property and you are asking a fair market value rent.

You should have no problem attracting tenants and maintaining a high level of occupancy. What happens with the tenants once they move in is going to depend on you.

Three good reasons why you should get the property manager job.

1. If you hire someone else to manage, you have to pay from your pocket or your "property's pocket." The money you save, by doing it, can mean the difference between a positive or a negative cash flow for your rental business.

2. By managing your own properties, at least in the beginning, you will learn the management business and become familiar with the responsibilities of a manager. Ultimately, after you acquire many properties, you will be able to do a better job of managing professional managers later. They do require managing!

3. The management resources I am putting together here are of a great value to you. Use them: Management career, Evaluate applications; Find Good Forms, Rent to a good tenant, Security Deposit, Normal wear and tear, Eviction Notices, Eviction Process.

Find a good property manager.

Rather, go to your Landlord Association or other investors in your area, and ask them for management companies they would consider. Interview two or three to determine the one you may be comfortable with. Take their Management Proposal - setting forth the commitments of the manager, if employed by you - and Management agreement.

Read them before deciding. Everything is negotiable. Here are some recommendations regarding the Management Agreement:

• The agreement with a management company will not exceed a period of one year;

• Have a 60-day mutual cancellation clause;

• The income and expense report presented monthly;

• The percentage management fee that does not exceed 8% of the gross income of the property;

• The basic responsibilities are: (a) to produce the best possible net operating income and (b) to maintain and increase your property value.

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