Where it is your first and only house, I know you really want to manage it yourself. However, if you have tenants on it or as your real estate portfolio enlarges, it may become expedient that you take the head ache off you, by appointing an estate agent or manager.
I recognize that in most cases whilst your real estate manager (if you own an estate) may also be functioning as your agent, an agent you engage for a particular transaction may not be the one you have empowered to manage your estate (you may even not have any estate yet, but seeking to have or seeking a property to rent) .
The questions then are why should I appoint a real estate manager? Or why do I have to engage a real estate agent? In answering those questions, I have complied a list of some of the attributes and functions of a worthwhile real estate agent or manager.
- Where you need a property to buy or rent, he knows the areas, and saves you the time for driving round all the streets, searching for property;
- The agent ought to be familiar with the basic conveyancing process and (together with a real estate solicitor) can guide you through the intricate process;
- He represents you in most of the pre-contract meetings and frees your time. He should help you with the pre-purchase inspection
- A sophisticated agent may be able to guide you on the sources of real estate finance or mortgage loan, if you need it;
- He helps select tenants and handles your “tenant problems”, rent collection, utility bills payments, so that with your real estate manager, you can afford to live where you want and invest where it is wise, so he manages it for you.