Should I hire a property management for one property?
Depends how far it is from you. Personally, do it by yourself, get that experience
Managing rental properties is tough, it’s time-consuming, and often comes at a considerable cost in terms of stress and heartache.
Many property owners are afraid to hire a property manager because of the cost involved – not realizing they will actually make more money in the long term due to the increased care of the property. You will get better tenants that stay longer, have less damage and repairs to deal with, and your property remains in great shape.
I want to share with you 7 great reasons of why you should consider hiring a property manager.
1 – You don’t live near to your rental property(s). The more miles between you and your rental property, the more difficult it is to provide efficient, effective hands-on management. Hiring a property manager can be invaluable in dealing with the many issues that you will not be able to handle from afar.
2 – You own many rental properties. The more rental properties you own, the more your work load increases and the more demanding it is to run each rental as effectively as it should be. With a property manager you’ll have fewer complications and commitments to worry about.
3 – You aren’t excited to manage your rentals. If you’re not getting satisfaction providing hands-on management, your morale declines, your productivity declines, and your stress increases. At this point, it makes sense to hire a property manager and improve your quality of life.
4 – You’re struggling to find the time. If you don’t have the time to devote overseeing your rental property, you should consider hiring a property manager before your profits diminish. With a good property manager, you benefit from your investment without sacrificing your time and health.
5 – You don’t understand the laws. If you don’t know or understand the laws, your tenants will. Federal, state, and city landlord-tenant laws change frequently. It’s a property manager’s responsibility to understand landlord-tenant laws and fair housing laws, which can protect you from potential lawsuits.
6 – You’re not a handyman. Property managers build relationships with vendors that can provide a lower cost for maintenance, saving you money. They also perform regular inspections allowing small repair issues to be found before they turn into bigger problems, preserving the value of your assets.
7 – You don’t want to employ staff. If you don’t want the associated stress and additional costs of hiring staff to help with your rental property, hiring a property manager can be your best asset. Property managers are independent contractors and by using one you avoid the hassles of being an employer.
Renting out a property is a business. It is rare that an investor is able to effectively manage their own property(s) at the same expert level of an experienced property manager.
A professional property manager is armed with a lot of knowledge. When issues arise, a property manager is better prepared to deal with the problem effectively, giving you the peace of mind that comes with knowing your investment is in good hands.