Property managers are not a necessity for every rental property owner. On the other hand, a good property manager can be a huge help and help you protect your investment. You can determine if hiring a property manager is the right choice for you by answering the following questions.
How much time do you have?
When you are investing in real estate while working full-time, you may not be able to give your property the attention you need. The success of your investment may depend on good property management.
Remember that property management is a time-consuming process. The right choice for you may be to hire an outside manager if you feel that your daily responsibilities are stealing time that you could spend making more money at your other job or looking for other investments.
What is your experience in managing properties?
A property manager can be a good choice for anyone thinking about investing in real estate but doesn’t know the first thing about property management. Unfortunately, learning on the job can become extremely costly.
A new investor can quickly lose their income by hiring the wrong repairman or taking too long to fill a vacancy. In addition, when you make mistakes like not understanding the fair housing laws or not getting the heat fixed on time, it can risk your investment.
Do you want to deal with tenants?
Are you stressed by the thought of dealing with evictions, complaints, and maintenance issues? Property managers understand landlord-tenant problems well. Because they know landlord-tenant laws, they can act as a middleman or buffer for conflicts. Also, tenants who know they are dealing with a third party that is versed in the laws may be more amicable.
Is your rental in your area?
Distance makes it more challenging to manage an investment property. For example, if you live in Tacoma and rent a property in Seattle, you will have a tougher time finding tenants, managing tenant complaints, and collecting rent on time.
Can you market your property if it’s vacant?
It is the job of a good property manager to find and screen tenants quickly and have a network of reliable, cost-effective repairmen if an emergency arises. Landlord-tenant law is also well known by most professional property managers, which reduces the chances of a lawsuit. Are you comfortable dedicating time to fix up and advertise your property between tenants?
Sound Point Property Management is here to help!
If this list of questions has you thinking that do-it-yourself property management isn’t for you, don’t hesitate to get in touch with us today. We’d love to give you back some of your time and take care of your rental!
