The roof needs fixing, there’s a leak in the basement, and the dryer stopped working. Those are just the texts you’ve gotten from your tenant in the last week.
If you’re new to property management, you’re likely trying to do everything yourself. And while that’s doable and frugal in some situations, it’s not the right option for everyone. Hiring property managers can make your life easier in various ways (more on that later), but you may be cautious about anything that digs into your profits.
Learn the pros and cons of getting help with your properties below.
Should You Hire a Property Manager?
Here are some questions to ask yourself when deciding if hiring a property manager is the right step for you:
- Do you live near your rental property?
- Do you have the mental real estate to be a landlord?
- Can you handle more stress right now?
- How many properties do you have?
- Do you have a handyman and/or maintenance company you trust?
- Are you comfortable with the financial tasks associated?
- Do you have a good understanding of landlord/tenant laws?
- How much are you making per hour as a landlord?
- Are you comfortable handling evictions or late payments?
Most property owners decide to hire managers when they hit their second or third property because of the abovementioned stresses. It’s also a good idea to hire a local property manager if you don’t live nearby.
What Are the Benefits of Hiring Property Managers?
Having someone to manage your rental for you can be a godsend to the overwhelmed investor. If you feel like you can’t handle one more call from your renter, it may be time to invest. Here are some things that might convince you …
Property Managers Can Handle Maintenance and Repairs
When you hire a property management company, they either have on-staff or contracted repairmen and maintenance staff they work with. That means you won’t have to read through hundreds of reviews online to find the right yard company or handyman. All you’ll need to do is let your manager know what services you want when.
The Have Online Payment Technology Set-Up
Accepting payments from your renters can be a pain, especially if you’re not local. You’ll either have to set up a direct deposit and automatic withdrawal each month for each renter or accept checks. Property management companies handle all this for you and have already paid for the software and associated fees.
Because of that, you can get your profit deposited into your bank account from one source and you won’t have to chase payments.
They Reduce Your Stress Level
Having a property manager means that someone … manages your property for you. You won’t be 100% hands-off, but you’ll do a lot less work than if you were trying to do everything on your own.
The Cons of Hiring Property Managers
The only downside of property manager hiring is that there are fees associated that will reduce your net profit. However, if you have more than one property or are already overworked, those fees are more than worth it.
Finding the Right Property Managers for You
Once you decide on whether you’re hiring property managers or not, you’ll need to find the right people for the job. We pride ourselves on being your most reliable ally in the real estate market and strive to be the best at our jobs.
Click here if you’re ready to talk to our property managers about your investment.