A good property manager can have a major impact on the success of your property investment. There will be damage to the interior and exterior of the property over time, and honestly, there is no escaping this regardless of how careful the renter is with the property. That being said, it’s not always necessary to hire a property manager, especially if you own and rent out less than two or three properties. To evaluate whether or not you should hire a property manager, there are several factors to take into consideration:
Budget
You purchased the investment property to make a profit, so you’ll need to determine whether or not a property manager fits within your budget. Most property management companies charge for the upkeep and tenant management of the property, which is usually a percentage of the overall collected rent. This will be the main payment you make. Other fees you might encounter are start up fees for when you first sign on with a property management company, or leasing fees for when the property manager has to find new tenants for the space. This will add up into a fairly large sum in the long-term, which may not be feasible or economical for property owners with few properties.
Time
Ask yourself, “Do I realistically have enough time to make this investment property successful?” Keep in mind that property management isn’t a typical 9-to-5 gig. You’ll have to respond to tenant requests outside of regular work hours and on weekends. You will also have to schedule regular inspections, settle property-related issues that crop up unexpectedly, and deal with tenants, just to name a few.
Location
It’s a lot easier to go without a property manager if you live near your investment property(s). If something goes wrong or a tenant has an urgent request, you can drop by in a moment’s notice. However, if you’re based somewhere far away (or if your property is located overseas), it can be difficult to keep tabs on your tenants and respond to their needs.
(Source: Learning Hub)
If you currently – or plan to – manage your own rental properties, a property management app is one of the most useful tools you can have. Especially in the ‘new norm’ of social distancing and working from home (WFH), Landlord123 is a comprehensive property management mobile app that allows landlords and property managers to keep an eye on their rental properties easily and efficiently, anytime, anywhere. Download the Landlord123 app now on iOS and Android.
