Is the job of being a landlord draining your time and energy? If it is taking over your life, interrupting time with your family, or just become all too stressful, then it may be time to consider hiring a Property Management company to look after your investment.
Having a property manager can be a major asset for your investment, but the good ones don’t come cheap. So you need to make sure you are really ready before you hire one. Let’s take a look at whether hiring a property management company is the right decision for you.
What Does a Property Management Company Do?
Before you jump in with two feet and hire a property management company, it is important to understand what they will actually do for you.
The good news is that they will take almost off of the tasks that going along with managing a rental property. This includes collecting rent, handling maintenance and repairs to the property, responding to tenant complaints, and even arranging evictions. They deal directly with the tenant, saving you hours of time and worry.
Not only do they take all of those tasks off your hands, but they also bring their experience and knowledge to your rental situation. You can be assured that your investment is in good hands.
When Should I Consider Hiring a Property Manager?
This is not a decision to be taken lightly, not everyone is cut out to work with a property manager. You need to put a lot of trust in the fact that they can manage your property well, and there is a significant cost involved. But they do take a weight of pressure and responsibilities off your shoulders.
Take these factors into consideration when you are deciding if you should hire a property manager or not…
You have multiple properties
The more properties you have, the more work is involved with maintaining them. If you have a number of properties then a property management company can save you a lot of time and effort.
You live far away
If you do not live close to your rental property then you should really consider hiring a property manager. They will be on the ground to deal with immediate issues and be able to inspect the property on a regular basis.
Hands On Management Is Not Your Thing
There is a lot of ‘getting stuck in’ when it comes to looking after your rental property. But if this is not something that interests you, then it is time to seek help. If your rental property is strictly an investment and you don’t want to be bothered with tasks like selecting and monitoring tenants, then take a step back and hire a manager.
Time Is An Issue
If property is your business and you are seeking to grow the number of your investments, then you might not have time to do this if you are stuck managing your current properties. Sourcing new viable investments can take a backseat to blown light bulbs cracked windows and a leaky roof if you are not careful.
You Have Dollars In Your Pocket
You will have to factor the cost of a property management company into your finances as they will take a portion of the rent you collect each week. If you can afford this cost then that’s great. But if the dollars are looking a bit tight, it may be worth managing the property yourself for a bit longer.
You Are Dropping The Ball
If you are inundated with tasks and some things are slipping through the net, then it is time to get help. And who better to help with your property than someone with expertise in the field. If your business is growing, then you are going to require assistance to manage all of the necessary tasks and payments.
The great thing about hiring a property manager is that they work as an independent contractor, or they own their own business. You do not need to go through the process of onboarding an employee. You simply need to establish the relationship and pay their invoices.
Hiring a Property Management Company can mean a huge surge forward for you and your investment. But it is a big decision, so make sure you are ready to take the plunge before you actually do it!