By Vince KlassenIt is a nice Sunday as I sit and write out my ideas for 2022. This is not for goals or dreams but just that IDEAS! Sure they may turn into goals or even more but every year they start as goals. And yes writing more articles is one of them.
Anywho. A common question I get now, and even when I was just a narrow sighted realtor is "should I hire a property manager?" As always I like to get to the point and the simple answer is YES!
Yes it is obvious that would be my opinion, but let's take a closer look and you can decide for yourself and how it affects your situation.
Many landlords manage properties on their own or hire and employee or two to help theme out. But do you or will you need more help , advise, or just don't want to be bothered with all the issues that can arise, and that's when a property manager makes sense.
What does a property management company do?
Property management companies deal directly with the marketing to prospects and tenants. They collect rents, repairs, seasonal maintenance, responding and communicating with tenants complaints and issues as well as the extreme when an eviction or dispute hearing is necessary.
A quality property manager will give you not only peace of mind that your real estate investment is in good hands but that if a problem arises they have the "know-how" to get things done. This is a very valuable asset that few property managers have!
When you should consider a property manager for your rental property:
You don't live near your rental property
If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You're not interested in hands-on management
You're not interested in hands-on management
Many landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. If this is not you then a property manager can more than worth it.
Your time is limited
Your time is limited
Even if you enjoy hands-on management, you might not have much time to devote to your business. And if you prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure, then a management company might be a good way to spend your money.
Tired of the tasks that don't stop
If your business is growing, at some point you might find that you need a substantial amount of help to manage everything properly. At that point, it might make sense to hire a management company.
You don't want to be an employer
If you hire a an employee or resident manager to take care of your rental properties then you have to deal with payroll, vacations, etc. A property manager is a write-off and an independent contractor!
Thanks for reading and have a great day!