As a landlord, one of the most important decisions you will have to make will be in the area of deciding when you should hire a property manager or if you should outsource the task to a property management company. This decision is fundamentally important because it will change who your tenants will be relating to directly. Aside from the professional touch a property management company can bring, it is will also reduce your stress as a landlord. Also, it is always recommended to use 2D or 3D floor plans for Apartments; as it helps in getting more tenants onboard.
The question is still left to be answered, when exactly should a landlord hire a property manager or outsource a property to a property management company?
When you have several properties to handle
Take it or leave it, having to handle several properties is quite stressful. If you are not cut out for the stress it brings with it, it is best you allow a property manager to do the stressing for you. The more your properties, the more the number of property managers you will require. The sheer number of properties is enough to overwhelm anyone and it is in the best interest of all involved to have a property manager.
You have limited knowledge of rentals
Knowledge is power and if you feel you do not possess the type of information you would love to have on rentals or property management, it is best you hire a property management company. That way, the company can take over the legalities and help you smoothen out the knowledge gap. Even if you feel that you have a fairly strong idea of rentals but the legalities around your properties are getting choky, you can bring in a property management company.
You are usually busy
Being extremely busy and being a landlord are not two particularly compatible things. If you will not have the time to regularly check up on your properties, you should hire a property management company. Being a landlord is a full-time job and if your hands are tied in other things, you should get a property manager. If you don’t have the luxury of time, you can still be an exceptional landlord. Just that a property management company will do the hard work for you.
You are not interested in hands-on management
For some landlords, it is a thrilling experience to be involved in the entire managerial process of their property. However, not all landlords are wired that way. If you are one of the landlords that prefer not to get involved in the managerial aspect of their properties, all you need do is hire a property management company. If you are not comfortable with being associated with your properties, a property management company can do the job for you.
You do not live near your properties
If you are not living close by to your properties or you travel frequently, a property management company can help you fill your shoes. As the landlord, there are several issues that you will have to deal with and you can’t do that if you don’t stay nearby. Even if you do stay nearby but you are prone to traveling, you should hire a property management company to deal with urgent issues around your properties.
You will also have to compulsory hire a property management company if you buy some type of property. The terms and conditions will also indicate this ahead of time. It is important that you reach an agreement with your property management outfit as regards their fees and other add-ons. You can expect that the property management outfit will charge you between 10-15% of the overall rent you charge from your tenants.
That way, you don’t have to pay the property managers from your purse, their fees will be deducted straight from the source. In all, using a property manager will put a professional feel to your property.