Recently I thought about all possibilities when it comes to investment real estate. In October, as I sat by the McKenzie River in Vida, Oregon, I listened for city noise. The only things I heard were the river, wind, birds and the clicking of my nails against the keyboard.
I was fortunate to be enjoying a serene and quiet wilderness next to a river glistening in the early fall afternoon sun. At the same time, I reflected on how I was greeted when I arrive at the Eagle Rock Lodge. When my husband and I arrived there, we were so taken back by the beauty of the surrounding area that rather than checking in, we simply began to wander around the stunning property. I heard a woman call from behind us asking whether we were part of the wedding group that was staying there this weekend. I told her that we were and she began to explain that rooms wouldn’t be ready until 3:00 PM since the previous night’s guests had just checked out.
We told her that we didn’t mind because I actually had some work to do while my husband planned to fly fish. As she showed us around the gorgeous river front property and talked about its features, I realized that this was not only her home but also her investment property.
I considered the differences between her investment property and those that I manage for investors. Her home was also her investment property. This means she lived and managed her tenants. New Bridge Management manages a few properties where the owner lives on the property or very close to it but owners do no engage directly with the tenants. Having a property manager for an investment that is close to the investor’s domicile helps create a buffer as well as some anonymity for owners who do not wish to engage with tenants.
Reasons why investors may not wish to engage with tenants are as varied as investors themselves. To investors such as the owners of Eagle Rock lodge, managing the property is their lifestyle and they live close to their investment. In contrast owners of NBM’s properties either live out of the area or those who live in the area have full time careers and simply do not wish to handle the management. Some realize the expertise that is necessary in managing real estate and would prefer to rely on professionals.
The owners of Eagle Rock Lodge were involved with the daily maintenance, marketing and operation of the investment. Whereas NBM’s owners are only involved with the decision making process based on our recommendations and rely fully on our expertise and the relationships we have build with tenants and vendors. When I felt that I was going through all the reasons why the properties I managed differed from those at Eagle Rock Lodge, I heard a familiar voice from behind me. It appeared more of the wedding group had arrived and it was time for me to stop working.
For more information and other helpful tips, please contact us at New Bridge Management.