Many investors find that Rental Property Managers are an excellent solution to fulfilling both their needs and the needs of their tenants. Property Managers are an excellent way to ensure that rent is being paid on time, proper screening of potential tenants take place, and property maintenance is completed cost effectively.
If you have acquired multiple rental properties, you may have found that the financial aspect of investing is just half the battle. All properties will need maintenance; lawn care, small or large repair, and the occasional “late night lock smith” call are all issues that a well-qualified Property Manager will handle so that you, as an investor, won’t have to. Some Property Managers live on site, while other properties only require that the manager live near the property for easy access in case of an emergency. It is especially suggested to hire a Property Manager if you as the landlord do not live near your investments.
Property Managers can act as the face of your rental company, creating good relationships with tenants is good for business, as those tenants will then refer your properties in high esteem. Responding to tenant complaints in a timely manner is just one of the benefits of hiring a great Property Manager. Many investors appreciate the peace of mind that having a professional Property Manager on board gives them, though it is another expense.
Investing in a Property Manager as an employee, or an independent contractor is an added business expense that many first time rental property owners tend to avoid. Property Management Companies and Managers aren’t necessarily for every investor, the necessity of hiring can depend on quite a few factors:
- Your proximity to your rental property.
- Your ability to fix and maintain your properties.
- Availability to answer tenant complaints and concerns. Do you like answering the phone at 3am?
- Your willingness and experience of dealing with legal issues such as eviction or damaged property.
Ultimately, the decision of whether or not to hire a Property Manager will be different for each investor. If you’re looking to spend more of your time investing, work another job, or live in a different area than the property you own – it may be worth your time and money to hire an experienced and reliable manager. However, if you’re “handy” and would like to spend more time maintaining your investment, you may decide to put off subcontracting a manager until your unit number has increased.
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