Using a property manager has both pros and cons. There are no hard and fast rules regarding whether you should hire one or not. You have to evaluate the answer based on your own situation. The following are some considerations to take into account before you jump to a conclusion.Time CommitmentA lot of real estate investors have a full time job so they do not have enough time or energy to manage properties. Especially if the house is situated remotely, many investors might feel they cannot manage on their own or do not want to travel. If fact, you can manage on your own.Cost BenefitIf you have several properties or an apartment complex in one area, using a property manager to manage all the property may be economic. The manager will be able to combine expenses and costs. For example, they can purchase maintenance materials in bulk for all the rental units. If you don’t have several rental units in one area, but together with your friends’ or families’ rental units you do. Then you can afford to hire a professional dedicated property manager.The Nature of the Rental Market Where your Property is LocatedIf your rental property is located in an area where renters mostly check out the rentals through the local property management companies, then you have no other choice but to hire the company. This may happen in small towns where there is only a handful of management companies.Tenant’s CharacteristicsSome tenants are not easy to deal with. You may find some tenants that are constantly paying late, asking for a lot of unnecessary repairs, complaining about everything, or having difficulty keeping up the premises. A property manager may handle the situation better than you as you might be emotionally attached to your property and less likely to handle many issues impartially. What’s more, the tenant might try to take advantage of you. They may take it more seriously if they are dealing with a professional property management company instead of an individual.Does your Property Need Frequent Repairs or Maintenance?If your property needs frequent repairs due to its age or other reasons, having a property manager may help you if repairs are a burden. Usually the property management company either has its own in-house repair service or contracts with outside vendors. In any case, you should ask about it before hiring them and understand how much they charge.What Kind of Service do you need from a Property Manager?Do you need a full service property management, which includes placing tenants and ongoing management service? If the condition of your property is good or new and not much repair is anticipated, you may save your money on the ongoing management service part. If you already have a tenant but you are moving out of that area you can use a local property manager to collect the rent and do the maintenance work.Lack of Interest in ManagingSome rental property owners just do not want to get involved in managing the property at all. They rather have someone look after their rental properties so they can enjoy their life doing other things. That is absolutely ok. Enjoying life is also very important.The purpose of hiring a property manager is to free up your time and make your rental investment successful. Nevertheless, hiring a poor one is worse than hiring no one. You can end up spending more time and money to rescue your property.If you hire one, keep in mind it does not mean you have to be a completely hand-offs owner. You should keep in regular communication with your property manager so he understands you do not treat your real estate business lightly. How to hire a good property manager belongs to another blog we will write about.
Defining YOUR Personal Brand Image
Branding, creating, and maintaining your personal image can be a powerful tool in helping you become the type of professional that you want to be. But, why would someone want to brand themselves? Think about this in the way that you would think about how to market any product. If you were to market a new car you may talk about the cars features, such as gas mileage or how safe it is. You would also figure out who you are trying to market this car to. For instance, you would not want to market a two-door sports car to large family of six. Finally, when marketing a car, you will want to tell clients about the promises and guarantees that will separate this car from others like it. The style of marketing your personal brand is very similar.
You must market yourself by highlighting your individual features and emphasizing them to your potential managers and employers. You must know who in particular you are trying to target with your brand. And finally, what your individual brand message is and what you promise to accomplish in your occupation. By marketing yourself as a unique individual, knowing your target audience, and creating and maintaining your personal brand message and promise, you can develop a strong professional brand image. It is important to know who you are and what your existing personal brand is in order to further develop your image. Particularly, what makes you, you. By staying true to yourself first, you can begin to move your brand forward. Think about your personal beliefs and what type of person you are. These are the things that make you, you. Do not try to change who you are in order to develop an image. If you change and adapt who you are to create an image, you are not creating a personal brand image, but rather a generic brand image that will not allow you to emphasize what you offer specifically and on an individual level. Rather, you must grow your brand image from what you already possess. Focus on what makes you who you are and develop a professional brand image based on these existing attributes.
Once you have defined this personal existing brand, you can begin to address how you can make your brand different, set yourself apart, and grow your own unique brand image. For instance, what do you offer as a professional, and what can you bring to others? What are the skills that you possess that set you apart from the competition? These are the things that will make you stand out from others around you and positively grow your personal brand image. A positive attitude and confidence in your abilities and what you know you are capable of achieving are the first steps to developing your own unique and specific personal brand. Along with your individual attributes, it is important to develop skills that will help to set you apart from others around you. Focus on what you will do to go above and beyond the competition. This will help you to create that unique brand image that will take potential clients from possibly needing your services, to them wanting the services and skills that they know you offer. It is also important to focus on strong communication skills with your potential clients. This can be a positive step to boosting your personal brand by creating a strong relationship between yourself and your clientele, and will also help you to maintain this positive relationship.
Your unique personal brand image will set you apart from the competition for resources and help you to grow relationship that will last a lifetime. Finally, when developing your individual brand image, it is key to know what your message will be and what promises you can offer. You must put into place your personal brand values. These values are what services you can bring to your work situation and what you can achieve. Your message must focus on what you specialize in, what attributes in your unique brand image distinguish you from the rest, and your leadership abilities. This brand message will allow your potential clients to see who you are and know what they will receive from you and your work. Clients must also be able to see what your brands’ promise is to them. Your brand promise should focus on your commitment to service, what you can achieve for the potential customer, and finally, your individual reputation. It is also important to communicate to clients that you may not be perfect. Be honest with them. If mistakes have been made in the past, use these as a promise to clients that the mistake has been addressed, learned from, and will not happen in the future.
By creating your individual brand image, you are taking the most important step to success. Look at who you are as an individual, focus on what your unique abilities are, separate yourself from the competition around you, and maintain your brand through a commitment to service. Through these steps you can create and maintain a strong brand image that can lead to future benefits and success in your career.