When should you hire a property manager?

Hiring a property manager

Are you a busy landlord who has too many properties to handle? According to a recent study, many landlords wonder if they should hire a property manager or not. Handling properties by yourself is easy said than done. If you have too many properties, it would be great to hire help! This is when property management companies come into the picture.

By definition, property managers are trained to handle assets. The property managers work for businesses and can be pretty expensive. There are many reasons to hire and avoid property management companies. You should take into consideration few important factors for a safe choice.

Before you understand “when” to hire a property manager, you should be aware of their roles and responsibilities. In general, property managers work with tenants and landlords. They establish a direct relationship with the tenant and landlord. When you hire a property management company, you don’t need to worry about the following:

  1. Rent collection
  2. -Maintenance
  3. -Repair and replacement issues
  4. -Marketing
  5. -Handling tenant problems and complaints
  6. -Initiating evictions

Above all, the property managers will give you ultimate peace of mind.

With all this being said, what would be the finest time to hire a property manager?

 

Too Many Properties!

First of all, you must decide to hire a property manager when you have too many properties to handle! As mentioned previously, handling too many properties is easy said than done. If you have one or two properties, managing them will be a simple and a structured process. The process becomes tricky when you have more than ten properties. Landlords with 10s of properties will definitely benefit from a property manager.

 

Too far away!

Where are your rental properties? Do you live near a rental property? If the rental properties are scattered or away from your neighborhood, you must consider hiring a property manager. They will help you manage several rental properties without any hassles or tussles. Regardless of how far you live from the rental properties, the property manager will lend you a hand of help.

 

No interested in management!

Are you interested in managing rental properties? Or, do you consider it as a tiring task? Landlords who are not prepared to manage rental properties need property managers. Most landlords daunt the process of finding tenants. They look for tenants who can keep the property safe and clean. But, if the rental property is just an investment or if you have little time for property management, you need help! Try hiring the right property managers to help you with the chore.

In this modern era, landlords are busy people who have limited time for handling properties. Even people who admire hands-on property management have minimal time for tackling tenants. Remember, landlord-ing is not an easy job. It is an activity that needs plenty of effort and time. If you want to expand your realtor business, you should perform a wide range of tasks. This includes finance management, hunt for new properties, improving business structure and renovations. Property managers will help you take care of these tasks. Indeed, this is when property management companies appear to be a great form of investment.

 

Prepared to Pay?

As mentioned previously, property managers are not cheap! You must be prepared to spend several hundred dollars on a property management company every month. When you look for property managers, you will come across service charges that range between 5 and 10 percent of the collected rent. Remember, property management is a down market. That is because landlords can handle all the tasks themselves. This is why property managers are both expensive and difficult to find. If you find a reputed business at a hefty price, there will be many valid reasons behind the big price tag.

 

No being an employer!

When you hire employees or property management companies to help you, you turn into an employer. You must deal with monthly payroll and other legal considerations. But, your property manager will not become your employer. Instead, they are independent contractors. This means the property manager saves you from acting as an employer. You will have a dedicated manager at JMarshall Luxury Apartments at all times!

 

Additional benefits!

Last but certainly not least, you will need a property manager when you have paired with an affordable housing scheme. The moment you invest in a housing program things can become extremely complicated. In most cases, landlord receives financial support. This could be anything like tax credits, low-interest mortgages or a grant. To enjoy these financial rewards, landlords must abide by a set of standard rules. In such situations, the expertise and knowledge of property managers will be useful.