Whether you are a property owner with one or more properties, you may have wondered about the advantages of appointing a property manager and whether you will benefit from one. While the situation and circumstances of every investor are different, asking yourself these questions will help you to find out if you will gain by hiring a property manager:
Can I Visit the Property Regularly?
If you live close by, you may have the time to make regular visits to the property required for inspections, maintenance, and collections. If you live a long distance away, you will spend a lot of time and money making the visits, and you will find yourself postponing them for some excuse or other. If you live too far to visit at least once a month or cannot attend to an emergency call at night, it is worthwhile to consider appointing a property manager. According to G2, if you live too far away from the property, it can be hard to keep tabs on it.
How Do I Deal with Stress?
Even though you might like to think of yourself as a cool and sensible person, you might as well admit that managing the ups and downs of rental properties can take a lot. Getting well-behaved tenants and the payments on time is a big task but dealing with all-night parties, druggies, petty criminals, and people trashing the property, lawsuits, and an irate HOA can be intimidating. If you do not have the time, inclination, and patience to handle these problems regularly, maybe appointing a property manager like ziprent.com makes good sense.
Do I Have Too Many Properties to Handle Personally
If you have too many rental properties, managing them can quickly get overwhelming. You will find issues requiring your attention all the time, and even a bit of inattention can result in things spiraling out of hand. Another issue that arises from having more properties than you can handle is some less lucrative properties may fall through the cracks, and you may end up neglecting them. Hiring a property manager will allow you more time to acquire new properties to take your business to a new level.
Am I Good at Renting Out the Units Quickly?
Getting good quality tenants who behave well, pay rent on time, and take good care of the property can be difficult. Advertising, handling calls, and showing the unit can take time and effort apart from good marketing skills. If you find yourself running out of time and unable to expand or discover your vacancy rates to be unacceptably high, it is time you looked more closely at a property manager to take over.
People who do not know the inside story of investing in properties for generating rental income tend to assume it is easy to earn a high ROI. However, spotting properties with high potential, finding good tenants, setting attractive but profitable prices, dealing with repairs, maintenance, wayward tenants, and complying with HOA regulations can be an overwhelming task that may prevent optimal ROI and business growth.