It’s true that many landlords are, in fact, able to manage their properties with very little effort. The trick to being an independent landlord is to first establish the proper processes, leverage available tools and resources, and build multiple rental form templates for use, over and over again. There are many reasons why a landlord should hire a Professional Property Manager. Deciding whether or not you should hire a manager doesn’t have to be an agonizing decision. It really just depends on your own needs, level of commitment, and expectations.
Property managers work with with applicants and tenants for you. They will usually market and advertise your rentals, meet with prospects to host showings, collecting rent, deposit money to your bank account, and coordinate repair issues. They are also the first line of defense when responding to tenant complaints and will even stand by your side when you have to pursue an eviction or get sued.
A great property manager will voluntarily keep you updated with regular communication. Above all, the main purpose of a property manager is to give you peace of mind that your investment is being handled with care. Unorganized property managers will try to manage everything, but still turn to you for every issue and request; this forces you to be involved and develop stress, which is what you were trying to avoid when you hired them.
If you own enough to where it’s hard to keep track, you should probably hire a property manager to help you. If you live far away from the
property, you could benefit from a property manager. If you do choose to be a long-distance landlord, you should create a list of professionals that you can call upon in an emergency.
Perhaps property management does not interest you, or you are not detail oriented. If you are not an organized person, then you should consider giving the responsibility to a professional. If you have no idea what you are doing, and don’t want to learn, then don’t try to do it yourself. If you are very busy, you likely should hire someone to help you.
Typically, property managers will take the first month’s rent as their main fee…some will take about 3-11% of the overall rental income. It depends on the company. If you feel like your property is vacant too often, then perhaps you need help with your marketing. If you aren’t sure what else you can do, then consider hiring a manager because they often have tried many different marketing techniques, and they know what works and what doesn’t. Contractors are often needed to maintain the property. If you do not know any, or have the time to work with them, you should probably hire a property manager.