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Why It's Okay to Outsource Your Property Management

OutsourcedA guest post by Brooke McDonald, Apple Valley Property Management, Minnesota As we all know, outsourcing is a risk that can turn out to either be the best decision you ever made or the worst thought to ever cross your mind. When it comes to property management, you have to decide: Am I willing to put the care of my rental property into the hands of a stranger? Will the investment be worth it? The stereotyped and semi-popular sitcom Outsourced didn’t last long on NBC, but it aired long enough to remind Americans of a poignant truth: Any kind of outsourcing involves some kind of learning curve, frustration, and a little bit of humor. Thankfully, outsourcing your property management does not have to be as hairy as Todd Dempsy’s struggles to run his Indian call center, nor will it require working with an office on another continent (unless you hire a property management company in another country, which we don’t advise). No, local property management companies can, in fact, be an incredible benefit to you as a property owner, saving you time and money and providing real estate expertise that can protect you from legal trouble. When you think of the word “outsourcing” in terms of property management, get rid of the negative connotations you often hear. Retrain your mind to hear the word “outsource” in conjunction with “property management” and think smart, wise, and worth it. Outsourcing can be an outstanding decision Doing all the management yourself is a heck of a lot of work ......
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What a Property Manager Needs to Know Before Renting to Friends & Family

A guest post by Jason Hetherington, Property Pursuit, Brisbane, Austrailia Have you ever heard the saying, “It’s not what you know, it’s who you know”? When a close friend or family member holds a certain position of power, those who know this person tend to feel that they now have an “inside connection.” In the case of a property manager, their friends and/or family will often come to them the next time they are looking for a place to live. Although this may seem like a great idea at first, it may be worthwhile to think about some of the reasons why it might not be such a good idea to rent to friends and family. Rental Property Management Guidelines Property managers are required to follow certain guidelines when renting to a new tenant. These guidelines are made to ensure that the prospective tenants are able to meet the criteria the rental property management has put into place in order to determine if they qualify (can afford) to live there. When it comes to friends and family, these guidelines are often relaxed because the manager knows them and therefore feels that they are going to be a good tenant. This means that even though they may not actually qualify to move in, they are able to because of who they know. Friends and family also may expect you as a property manager to give them special treatment, which you cannot do as a professional property manager, as this would be unfair......
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