One of the most asked questions I hear from Investors as they grow their portfolio is “Should I hire a Property Manager?” No easy answer! Fist you need to assess your interest in facing and dealing with tenants. A Property Manager is the barrier between you and tenants. You need to ask yourself:
- Am I a people person? Everyone who has ever written a resume claims to be one but do you really want to face your tenants when a problem arises? Do you want to drive to the property to ask for a late rental payment, for example?
- How far away are my properties? If your property is a long distance , then most certainly you need a property manager located close to the property. Your manager is your eyes and ears for the property. Our manager takes one day a week to drive past homes to view the property for the owners.
- How much time do you have to devote to managing your portfolio? Do you have a full time job and Real Estate Investing is done as a second income or to secure your retirement? Working a full time job does not allow you to get to your properties on a regular basis, especially if you own 10 or more properties.
- Do you have the skills or contacts to handle maintenance issues? Property Managers are either skilled at repairs or have a list of repair vendors they know and trust. If these vendors receive regular business from the Property Manager, they will respond quicker and even sometimes offer a discount to owners. If you do not have a manager, guess who answers the call when a hot water tank bursts at 3:00 am? Plus, do you have a plumber that will respond at that time? Experienced Property Managers do!
- How often are you aware of changing landlord laws in your state? Do you know the eviction process if needed? or even more important, are you willing to go through the eviction process on your own? Many Property Managers take the time to become certified in their profession. During this process, they learn the sites and techniques to stay on top of the ever-changing laws. Experienced Property Managers keep their owners up to date on changes that affect their portfolios or taxes.
- If the property becomes vacant, do you know how to advertise the opening? How do you qualify the applicant? Do you have the correct leasing forms and credit check release forms? Successful Property Managers do!
In summary, do you want to hire a property Manager? My answer is definitely a YES! You need to weigh all the factors but remember your time has value. Do you have the time to do what an experienced Property Manager can do for you?
Broker/Owner, Investment Property Consultant
Real Estate Solutions of SWFL, LLC