To Hire or Not to Hire…
What does a Property Manager do?
A typical property manager will interact directly, on your behalf, with applicants and tenants. Managers will usually market and advertise your rentals, meet with prospects to host showings, collect rent, deposit money to your bank account, and coordinate repair issues. They are also the first line of defense when responding to tenant complaints and will even stand by your side when you have to pursue an eviction or get sued. An excellent property manager will have the heart of a teacher, and they will voluntarily keep you updated with regular communication. Above all, the main purpose of a property manager is to give you peace of mind that your investment is being handled with care.
10 Things to Consider before Hiring a Manager:
How far away do you live from your properties?
If you live over 50 miles away and have more than 2 units, you should consider talking to a local Property Manager who operates in a closer proximity to your rental property. If you do choose to be a long-distance landlord, you should create a list of favorite vendors that you can call upon in an emergency.
Can you afford a property manager?
The better question may be: Can you afford NOT to have a property manager? You may shudder to think of paying a commission on rental revenue. However, consider that a property manager often includes a massive amount of marketing to fill your property and provide revenue in off-seasons and slow times, not just the easy holidays to fill. Also consider the services that the property manager offers the guests – these may include gym access, special parking privileges, and other amenities that add a lot of value to guests. Also remember that the property manager is a professional and may well be able to catch problems before they begin and/or fix any issues smoothly and efficiently.
Are you detailed?
Perhaps property management does not interest you, or you are not detail-oriented. If you are not an organized person, then you should consider giving the responsibility to a professional.
Do you have the necessary KSA’s (knowledge, skills, or abilities)
If you have no idea what you are doing, and don’t want to learn, then don’t try to do it yourself. However, if you don’t mind the adventure, you can study websites like Landlordology.com to learn the art of land lording.
How busy are you?
Perhaps you are already super busy and can’t dedicate 2-10 hours (or many, many more!) a month for your properties.
Are you struggling to fill your vacancies and don’t know why?
If you feel like your property is vacant too often, then perhaps you need help with your marketing. If you aren’t sure what else you can do, then consider hiring a manager because they often have tried-and-true marketing techniques and far more resources to make a return on rental revenue.
Do you have a service-oriented personality?
If you are not a “service” person, and are often bittered by regular maintenance calls from tenants, then you probably should take the role of silent investor, and leave the management to someone else.
Do you mind working with contractors?
Contractors are often needed to maintain the property. If you don’t feel comfortable researching, hiring, and double-checking their work, then you should probably hire a manager.
Research around, think about it and call us! We can chat out all options and scenarios to make the stress of property management less daunting.