When Should You Hire a Property Manager?
If you own one or more rental properties, you might be wondering whether you should hire a property manager or if you can handle it all on your own. Managing a property effectively and keeping your tenants happy is not easy. It can be a full-time job and you may not have the time to spare. If you are on the fence about whether you should hire a property manager, the following can work as a guide to let you know when it’s the right time. If one or more of these applies to you, it could be time to hire a property manager.
You Have Too Many Properties
If you have just one property, such as a single-family home, you may be able to handle the property management on your own. However, when you start to accrue more investment properties, you will find that it becomes more difficult to keep up with all of the property management tasks. You will end up spending more time on the properties than you should.
You Don’t Live Near the Properties
Sometimes, investors buy properties that are located in another part of the state or another part of the country. It would be impossible to handle all of the property management duties in these cases. You wouldn’t want to receive calls in the middle of the night just because it’s morning where your tenants are located. If they have an emergency, such as a broken pipe, it will take longer for you to find someone in their area to repair it. It’s also impossible for you to get a sense of how the properties are being treated by your tenants when you are so far away.
You Don’t Have Enough Time
You are likely busy and do not have enough free time in the day as it is. Managing your own properties would eat up even more time. Like most people, you probably have other responsibilities that you have to handle, and you simply don’t have enough time to deal with the added responsibilities of managing properties. If you are the property manager, it will cut into time with your family, time spent on your other job, and time to relax.
You Don’t Want to Be a Landlord
Owning properties is a wonderful investment. However, this doesn’t mean that you are passionate about being a landlord. Being a landlord entails keeping the property in good shape, dealing with tenant problems and emergencies, marketing and finding tenants, and collecting the rent. You may not want to deal with all of these different elements, and you certainly don’t want to have to handle evictions and bad tenants. Working with a property management company will make your life easier.
You will find that there are many benefits to working with a property manager. They can take care of the hard work and hassles that you don’t have the time, inclination, or knowledge to handle on your own. Whether you have one property or multiple, working with a property management company tends to be the best choice.
Resources: https://learn.roofstock.com/blog/hire-a-property-manager
