When Should I Hire a Property Manager for My Properties
The best way to figure out when to hire a property manager is simply ask a number of questions.
Let’s get started.
Do you have a lot of time to devote to taking care of your own properties?
Yes, keep going.
No, get a property manager. (Neglect will cost you – in maintenance costs, lost rental revenues and court expenses.)
Do you know the landlord/tenant laws of your state?
Yes, keep going.
No, get a property manager. (Breaking the laws of the state can be very expensive – sometimes as much as multiples of their rent.)
Are your buildings up to code?
Yes, keep going.
No, get a property manager. (Do you have time to deal with contractors and inspectors? Let someone else do it.)
Are you sure that your tenants are not exposed to undue risk from fire, flood or other safety hazards?
Yes, great. Move on!
No, get a property manager. (Someone who can focus on basic safety issues could save you from massive lawsuits. And fix it today. People shouldn’t die because you are lazy.)
Do you have a lot of empty rooms?
No. You’re doing fine.
Yes. You need a property manager. (Whatever you’re doing is not working. Get someone who can do it well.)
Are you constantly chasing tenants for money?
No. Congratulations, you’re good.
Yes. Same thing. (Whatever you’re doing isn’t working. Find someone to do it right.)
Do you have good, reliable maintenance people?
No, get a property manager. (If you have owned the place more than six months, you need to get this basic issue taken care of. This means that you are too busy to do it yourself.)
Are you in the middle of evicting someone?
This isn’t as simple. If this is something you keep finding yourself doing, get someone to figure out how you got to a place where are having to evict people. If it has happened once in a while, it might not mean that you have an issue.
Do you spend a lot of time and money advertising for new clients?
Yes. Get a property manager. (A professional property manager can advertise with their other properties, giving you much more bang for the buck.)
No. No problem.
Finally, would you rather spend time reading, fishing and sailing in your boat than dealing with your properties?
If the answer is yes, a property manager can set you free to do what you want. Yes, you will give part of your money to the property manager, but you also won’t have to run from the phone every time it rings.
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