Should You Hire a Property Manager?
What are the top reasons to hire a property manager? Find out if you should be managing rental properties by yourself or hiring property managers.
What a Property Manager Can Do for You
Before deciding if you should hire a property manager, the first thing you must learn are the type of services offered by property managers.
- Advertising your rental property for new tenants if it is vacant
- Interviewing and screening all prospective tenants, including running background and credit checks on them
- Collecting rent from tenants and chasing them for any late rent payments
- Maintaining the rental property condition and repairing all property damages
- Accounting for rental cash flow and property taxes
- Resolving all complaints and disputes by tenants and neighbors
- Evicting errant tenants who don't pay rent or break the lease agreement terms
5 Reasons for Hiring a Property Manager
- You're a first time landlord and don't have the time to pick up property management skills. In this case, hiring someone to do the job is the easiest way to avoid costly mistakes and sleepless nights.
- You stay too far from your rental properties - If you need to travel for hours just to collect rent or perform minor repairs, you will save a lot of time and effort by letting someone else take over your property management chores.
- You own many rental properties or larger properties with many rental units - Unless you have considerable experience or is dedicated to become a full-time landlord, it may be better to hire an experienced property manager to run them for you.
- Your rental (or personal) income is able to cover the additional costs of hiring a property manager.
- You view your rental properties purely as investments and have no interest in their day to day running. Leaving the property management chores to others will free up time for you to focus on investing and other personal pursuits.
NEXT: What is the Cost to Hire a Property Manager?