When You Should Hire a Property Manager
Managing a rental property can be quite time consuming and can often take a lot of effort. Not every real estate investor needs to hire a property manager. However, for some, it can be extremely helpful. Here are some ways to determine when you should hire a property manager.
You own multiple properties
The more properties you own, the more maintenance issues, vacancies and complaints. If you have a number of properties and tenants, a property manager can help with all of the responsibilities behind them. This includes setting up appointments for maintenance and repairs, screening new tenant applications and dealing with complaints.
Your properties are not close to your home
Even if you have just one rental property, the further away it is from your home, the harder it will be to manage. If you have multiple properties, the travel time from property to property can be very time consuming. It will also be harder to deal with emergencies when you live a good distance away. A property manager will deal with last-minute and emergency issues, and even ensure that you receive the rent on time, without having to leave your home.
You don’t have experience
Just because you want to invest in—or have invested in—real estate, doesn’t mean you have experience managing your property. If you have none, you should hire a property manager. Not only do they have the contacts and staff to deal with maintenance issues, they also have the expertise in finding good tenants. This includes screening applications, verifying employment, running credit reports and calling references.
You don’t have time
Time is one of the main reasons why you should hire a property manager. Managing a property or properties can be extremely time consuming, especially if you have a full-time job. If you have many other obligations, then you may not have the time to properly take on the property management role yourself.