Questions to ask yourself before hiring a property manager!

Tenants asking questions to property managers

Every investment and every investor is special. They have special scenarios and factors to consider. If you are planning to hire a property management company, there are few things you must consider.
Ask the following questions before you hire a property manager.

Is the rental property far away from your current residence? Will you be able to visit the property frequently?

A lot of people hire property management companies when they live far away from the rental property. If you are nearby, you can engage in all kinds of inspections, maintenance activities, and collections. When your home is far away, you should spend lots of time and money traveling. When the distance is great, you will be tempted to avoid periodic inspection. This will increase the risks of a massive disaster. In such cases, you must hire a property manager. They will keep an eye on the property for you!

Are you stress tolerant? Will you be able to handle intense stress?

This is a very tough question to answer. Many individuals consider themselves as even-keeled and level-headed. But, it takes lots of effort to handle property issues. For example, can you deal tenants who pay late rents? Collecting rent on time is a critical task. It can trigger many unexpected problems. How will you handle the following situations?

  1. When your neighbors are annoying.
  2. When your tenants are lazy and unclean.
  3. When you have frequent domestic conflicts.
  4. When your tenants host late night parties
  5. When your tenants engage in illegal business activities
  6. When someone decides to sue you!

According to experts, stressful people need the assistance of a property manager. Management companies can help you handle difficult tenants. They will make sure all collections, maintenance activities, and documents are signed without issues.

Do you have too many properties to handle?

A rich landlord is likely to have several rental properties. If you have an overwhelming number of properties, maintenance and management will become difficult. At all times, you will have something to focus on. By hiring a property management company, you will be able to gain complete control. You can lead a stable life and not worry about the condition of your properties. According to a recent study, landlords leverage lots of benefits by hiring property management companies. The property managers will improve your efficiency and promote peace-of-mind.

How long have you been a landlord? Do you have decades of experience in property repairs and maintenance?

Tackling rental properties is a massive challenge. It is something you cannot do on the go. You must have ample time and patience to take care of properties. For example, you should spend lots of time hunting for a reliable contractor or handyman. The chances of you finding someone unethical, unreliable, uninsured and not talented is high. Repairs and maintenance are important elements of land lording. If you question your skills with maintenance and repairs, you need a property management company.
Property managers are trained to take care of homes. They maintain strong relationships with reliable contractors and handymen. This means property managers have a way of getting work done. It is their prime responsibility to improve the value of your property through timely maintenance, repairs, and care.

How great are your social networking skills? Can you find a tenant easily?

To rent out a property, you should engage in field calls, advertising, and other marketing activities. These tasks require money and time. Renting out properties is a critical task that can eat your monthly profit margin. The real question is: how will you rent out your property? Do you have the time and skills to make this real? Or, is your property known for its high vacancy rate? If you are unable to rent out properties on time, you must consider a property manager.
Are your record keeping and accounting skills sound? Can you manage the finances of your property?
Tax deductions, profit statements and loss reports need special attention. When your rental portfolio is huge, these areas can become a burden. Some landlords are able to manage their finances. Others prefer bookkeepers and accountants. If you are planning to hire financial assistance, you must consider property management companies.

Can tenants reach you 24/7/365?

Honestly, emergencies can happen at any time. If you own properties, emergencies cannot be ignored. Your personal needs, holiday and meetings will not relieve you from your obligation to the renters. Tenants may face emergencies at any time. Property managers will pitch in when you are unable to handle the emergencies.