Hiring a property manager is not mandatory. It can be an unwanted luxury for some landlords and an utmost necessity for some. There are a few important things that decide whether you need a property manager or not. What are the things to be considered before hiring a manager to manage your property?
To Hire or Not Hire a Property Manager – Factors to be considered
- Is your rental property near your home or office?
If your property is on the way to your office or near your home, it is easy for you to keep an eye on the property and the tenants. Collecting rent is easy. You can handle maintenance issues and other issues with lot of ease. If it is far away from your home and office, hiring a property manager is a must.
- Do you have many rental properties?
If you own one or two properties, you can manage them yourselves. If you have more than five properties in different locations and if you have rented them out to different tenants, it would not be possible for you to visit each and every property and tenant every month. It is better to get the help of a professional property manager.
- Do you have a full time job?
If you are employed fulltime or if you run a business fulltime, you should surely get the services of a property manager. Dedicating time for property management and job will put you under severe stress.
- Are you not able to find tenants for your property?
Is your property remaining vacant for a long time even after advertising in your local newspapers, radios and TVs? If so, you need professional marketing help to fill the vacant property. A property manager with marketing experience will be able to help you to find tenants.
- How tolerant are you?
Handling tenants, collecting rent and maintaining properties need a lot of tolerance and patience. If you have an impatient and intolerant personality you will not be able to look into the complaints made by tenants and look into other issues. It would be wise if you appoint a property manager to do all property maintenance and rent collection works.
- Are you sure that you can afford to pay a property manager?
What is the total income that you earn from your property? A professional property manager usually charges 4% to 10% of your income. The residential property management fees vary depending upon the number of properties to be managed and experience. If you feel the fees to be paid is affordable and is justified, you can go ahead and hire a property manager.
- How much knowledge do you have on property management?
If you are new to making investments in property and renting it out and if you have no one to guide you, it is better to hire a property manager.
If you feel hiring a property manager is a smart choice after taking into consideration all the above mentioned factors, make sure you go for the best.