A good property managers can be a valuable asset to any landlord. Not all landlords want to deal with the everyday issues and problems that arise, and many of them have more units than they can effectively manage. The factors in the decision to hire a property manager will not be the same for every landlord. Here are some criteria to help you decide if it is time for you to move in that direction.
Do You Have Numerous Units or Are They Spread Out?
If you have a lot of rental units or separate properties that are far apart, you may benefit from hiring a property manager. You not only have the time-consuming task of dealing with all of those tenant issues and phone calls, you have to find new tenants when someone moves out. In a larger complex, this is often an ongoing task.
If you don’t live close to your rental properties, you may need someone to keep an eye on everything. Someone who can be on-site on a daily basis will be able to monitor the property and take care of needed repairs before they become major problems. Having a manager who checks in regularly will keep residents happier and reduce turnover. It can also prevent the problem of rundown units where tenants don’t think the landlord knows what is going on.
You Have Limited Time or Interest
Some landlords have full-time jobs while others want to enjoy their retirement or free time. If you have other obligations or activities that don’t allow you to focus on your rental properties, you should hire a manager. They can manage the daily issues and report in when something bigger needs your attention.
Many landlords like having the rental income but don’t necessarily enjoy the management aspect of having rental properties. If this is the case, it is better to let someone who enjoys that part of rental management do it.
You Can Afford To
If you can afford to hire a manager and still make a nice profit on your rental properties, you might as well do it. Focus on what else you could be doing with your time to improve your income even more or just enjoy life. Depending on the size of your properties, you may not even need a full-time manager. Some landlords hire someone to come to the office one or two days per week and have an outside call center handle phone calls the rest of the time.
Your Business is Growing
If you started out with a dream of owning a few rental properties and it has turned into a full-time business, now might be the time to hire a property manager. As your rental business continues to grow, you will have many other details to deal with and won’t have time for the property management side.
As the owner/landlord, your job is to concentrate on the big picture. That might mean purchasing new properties or making upgrades on current locations. These tasks can be full-time work for you, which means you will need a property manager for the full-time job of managing your properties and keeping residents happy.
Not every landlord needs a property manager. This decision will be different for every property owner. However, there are many cases when it is not only feasible but preferable to have someone else deal with the daily details, allowing you to use your energy and time elsewhere.
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