Should You Hire a Property Manager or Do It Yourself?
Should you hire a property manager? Are you wondering how to best manage your rental property? Managing a rental property on your own can be frustrating and time-consuming. Hiring a property manager is an excellent alternative. Here’s what you need to know about hiring a property manager.
Benefits of a Property Manager:
They’re Experts in Marketing
It can be difficult to market your rental property well, especially if you live in a competitive area. It requires quite a bit of experience to figure out what the best strategies for marketing are, such as advertising on social media or deciding which apartment websites to list your vacancies on. Property management firms know the best marketing and advertising strategies to ensure all your units are filled with reliable tenants. More on our marketing here
They Have a Range of Management Experience
Hiring a property manager can guarantee smooth, efficient management. They have years of experience managing properties and:
- Have education or training. Many property managers have completed several years of post-secondary education in property management or real estate. Others who didn’t obtain a degree have gone through training and other forms of education.
- Know how to handle property maintenance. Property managers are knowledgeable about who to hire for the best prices and efficiency.
- Are knowledgeable about rent prices. Do you ever get frustrated trying to figure out the right rent price for your properties? Property managers understand what rent prices are appropriate and competitive.
It’s Less Time Consuming
Managing your own property takes quite a bit of time. You have to dedicate hours of your day to maintenance issues, which includes even the smallest things like changing a lightbulb or fixing a drafty window, answering questions, taking care of payments, finalizing leases, and more – everything from administration to communication to maintenance.
It’s difficult to handle all of these things, especially if you own more than one rental property. Property managers will be able to remove this time commitment and lower your stress levels.
They Know How to Respond to Tenants
You may not be very familiar with communicating with your tenants. When a tenant comes to you with a minor issue or a major problem, such as not being able to make rent payments or reporting a complaint, you need to be able to handle the communication correctly. Property managers understand the importance of effective and efficient communication and will be able to respond quickly to tenants’ issues.
They Have Faster Response Times
One of the benefits of a property manager is their ability to have fast response times. Since the companies are skilled at time management and delegation, they are able to quickly complete maintenance requests, fill vacancies, finalize leases, deal with any payment issues, and more. This will guarantee that your renters are happy and that you are consistently generating income.
You Don’t Have to Live in the Area
If you’re not living in the same area as the property that you are renting, it’s next to impossible to handle daily management responsibilities. Property managers make it possible for you to own a rental property without having to live nearby. They’ll take care of everything that happens daily so that you don’t have to constantly make trips to your property.
They Know What Laws to Be Aware Of
As a rental property owner, you’re responsible for abiding by local, state, and federal laws regarding rental properties. Laws can be simple, such as stating the rent on the lease or giving tenants a proper notice before going to the property. They could also be as complicated as handling issues that arise between multiple tenants. Property managers already know these laws and how to make sure that you are complying with them. Tenant landlord laws are complicated, and change from year to year, you can read more on the 2021 statutes here
Cons of Hiring a Property Manager
The disadvantages of hiring a property management company are reliant on what is important to you as a landlord. If you are someone who likes to be very involved in your properties, are on a strict budget, or are hesitant about putting someone else in charge, then these cons might impact you.
It’s Another Expense
If you’re on a tight budget or are hesitant about paying another monthly expense, a property manager may not be right for you. You’ll have to budget this expense and crunch all the numbers. If the cost of keeping the property running is too high, it may not be a worthwhile investment to hire a property management company.
You’ll Be Less Hands-On
Do you enjoy being involved in your rental properties? Property management companies take over the day-to-day responsibilities and management of your rental property. While you’ll still be in charge of the big stuff, when you hire a management company you no longer have control over the day-to-day little things. Property managers will be in charge of things like repairs, processing payments, and interacting with tenants. While some property owners prefer to be hands-off, this is a downside for some landlords who really enjoy being hands-on with their properties and tenants.
It Can Be Hard to Find the Right Property Manager
Not every property manager is going to be perfect for every rental property or property owner. You may not like how some property management companies operate and some property management companies may not have a lot of experience in your type of property.
You’ll have to dedicate quite a bit of time to researching property managers near you in order to find someone that fits your needs. Before hiring a property manager, you’ll also have to dedicate some time to interviewing the individual or company and then completing a hiring and onboarding process.
Is a Property Manager Right for You?
Property managers are an excellent way to relieve the stress that comes with owning a rental property. They’re extremely helpful, and while there are some disadvantages, it’s an excellent choice for most rental property owners. Look for property managers in your area to find the right person or company to help you.
Find out more about Resolute Property Management, or contact us about our services click here