While every investor’s situation is different, there are certain scenarios and factors that typically pre-dispose owners one way or the other. The following questions are designed to help you determine if you should consider hiring a property manager.
- How far do you live from your rental property and how frequently can you visit the property for management on a regular basis? If you are close you may be able to make the regular visits required for maintenance, inspections, collections, etc., otherwise the further you live the higher your travel time and expenses will be.
- Are you currently overwhelmed with your property(s)? Managing rental properties can become quickly overwhelming, even for experienced investors. There is always something going on that requires attention. Hiring a property manager can provide an opportunity to regain control and restore stability to both your properties and possibly life in general.
- How well do you understand the laws governing land lording? Ensuring the property is run in accordance with the law is critical in both preventing lawsuits and shielding yourself from liability if you are sued.
- Are you capable of handling the accounting and record keeping for your property? From profit and loss statements to tax deductions, this area needs special attention and becomes an increasingly larger burden for larger portfolios.
- How much experience do you have with maintenance and repairs? If you can’t do it yourself, do you know whom to call? Finding reliable handymen and contractors can take a while and in the mean time you may unknowingly hire people that are unethical, uninsured, do poor quality work, over charge etc.
If you can’t manage all these tasks, then you must consider hiring an efficient property management services.