Should You Hire a Property Manager?

By E-Renter Tenant Screening
Posted on May 20, 2011 under Landlord Tips | Be the First to Comment

Many landlords and probably all property managers would agree that managing rental property is a full-time job. If you’re a busy rental property owner, you may have considered hiring a property management company or an individual property manager.

Here are four questions to ask yourself when considering if you’ll continue to manage properties on your own or hire some help:

1. Have you added new rental properties? If you started with just one property, or less than a couple of units, for example, you may feel you can handle all the duties that come with managing rental property. Collecting rent, interviewing potential tenants, handling maintenance and repairs, and all the associated paperwork are just a few of the regular tasks required of property managers.

   But if you’ve purchased additional properties to increase your income, you may find that it’s just too much to handle all these duties on your own. You may need an experienced manager to help you do it well—and keep you from losing time and money by doing it not-so-well.

2. Do you feel like you always need more time? There is a lot you can do with the extra time that hiring a property manager could bring. Take care of your own home. Exercise more. Spend more time with your family. Read a book and actually relax. Life is short, and time is precious. Think about the benefits that paying for professional property management will bring to your life.
3. Is your rental property in another city or distant state? It’s probably in your best interests to have someone nearby managing your rental property. Managing from afar can lead to damage to your property, criminal activity, and a host of other problems that you’ll not hear about because you’re not there.
4. Are you having trouble dealing objectively with tenant problems? After managing your own rental property, you may no longer be able to be completely objective and business-like with tenants. Keeping control and getting problems solved is a property manager’s job. They don’t own the property, so they don’t have the same emotional connection.

The right property manager can make a big difference in your cash flow, because they take care of issues that affect it. They fill vacancies, find the best tenants, and perform all maintenance and accounting. If it’s time for you to hire one, just make sure you choose a property management company that is squarely on your side.