A time comes when a person starts to question whether they should keep managing their property or hire property managers to do it for them. Transferring the responsibility to a property management company might sound great, but some people like to take care of things themselves and hesitate to give up responsibility. There are pros and cons to each. At the end of the day, it will be your call.
A property manager can be of great value especially if you have multiple properties and not enough time to handle them all yourself. For starters, one of the main reasons people look for property management is that they don’t have the time or patience to deal with tenants. Yes, it’s true that a tenant might call you at night to tell you about an emergency like a pipe breaking or something wrong with the electricity. Unfortunately, they might also call you in the middle of the night to tell you they can’t sleep because their neighbors are too noisy.
Having a property manager means you never have to worry about calls from tenants. You don’t have to put effort into finding them either. It’s the property manager’s job to advertise the place well and screen tenants in order to find the best people to rent your place.
Another value to having property managers working for you is to take care of business is so you don’t have to worry about collecting rent. The worst part about having tenants is that you never know if they’re going to end up as committed decent people who pay their rent on time or not. If they try to get out of paying or keep asking for a few more days or weeks, it’ll be up to the property manager to deal with them, not you.
If hiring a property manager was flawless, then everyone would do it. So why do some owners of rental properties still prefer to do the work themselves? Financially, it might make more sense to manage your own property, especially if you don’t have that much property. If you’re only renting out one place then you managing it won’t be too time consuming. You’ll also save a lot on property management fees. A property manager will charge you for lots of things like a new lease for a new tenant.
As the owner, you should know all about your property. Hiring a property manager can make it easier to let go gradually. You might end up being too lazy to know what’s going on. By failing to monitor and check up with your manager, you could end up losing money for lots of reasons.
It’s your decision to decide whether you hire property managers or do the job yourself. Perhaps it makes more sense to do it yourself if you only have a few properties to manager, but it can be difficult for one person to keep up with lots of properties in different locations.