Before you even start looking for property managers, odds are you’re not sure if you should hire one in the first place. Ultimately, the decision is up to you. The good news, though, is that there are a handful of questions that will hopefully make the choice at hand much easier.
-Do you live near the property? The farther away you are, the harder it is to manage (even if it’s only in the next town). This is one of the more cut and dry questions on the list. Close to it? Do it yourself. Far away? Hire someone.
-What type of responsibility best suits you? If you manage the property yourself, you will have days filled with hunting down renters, collecting rent, maintaining the property, and dealing with unsatisfied customers. Hiring a firm means assuming more of an ’employer’ role, keeping an eye on your employees, making sure they’re paid, and double checking their decisions.
-How many properties do you own? Managing a single house is a completely different league when compared to managing multiple homes or apartment buildings. The former can be doable by someone with limited experience, the latter most likely cannot.
-Is the property in bad shape or already successful? It’s much more difficult to turn around a floundering lot than to take the reigns of a flourishing property. At the very least, you should seriously consider a short-term arrangement with a firm if the home or building is in need of serious work.
-Do you have the time? Property management has many aspects, but most of all it’s time consuming. If you already work full time in an established career, it might be better to turn over the bulk of the work to a management firm.
Everybody is dealing with a different situation. It’s important (vital, actually) to make sure your decision will fill as many of your personal needs as possible. Definitely, definitely look before you leap.
Ultimately, hiring a property manager will save you time and headaches. The cost for property management ranges anywhere from 5-10 percent of the rent. If you are looking for a dependable property management compnay give us a call and we can help.