So, you’re getting ready to rent your property? Are you going to manage it yourself, or should you hire a property manager?
To answer those questions, here are a few factors to consider when deciding whether or not you should hire a property manager:
- Do you have time to manage your property? This is likely the biggest factor that you need to take into consideration when deciding whether or not you need to hire a property manager. If you’re constantly on the go all day every day, you probably don’t have time take care of your property and tenants. As your own property manager, you need to find tenants, sign tenants, take care of maintenance issues and all other issues that arise throughout the lease.
- Can you afford to pay a property manager? Depending on the property manager, they will likely charge you around 10% of the monthly rent in management fees. So, if you’re renting your home for $1,200 a month, you will be paying the property manager around $120 a month to manage it. You also need to keep in mind and extra marketing costs, as well as maintenance costs that will come up throughout the year.
- Do you live far away from your rental property? If you don’t live within close driving distance to your property, it may be hard to manage it on your own. Often there are maintenance emergencies or other issues that need taken care of quickly. Not to mention the marketing aspect of the rental is hard without living near your property.
- Are you good at dealing with tenants? No matter how hard you try to find good tenants, you’re bound to run into problems at some point. Are you good at communicating with people and taking care of tenants? If that’s not your strong point, you may want to consider hiring a property manager.
- Do you have any property management experience? Have you ever managed a property before? From contracts, marketing and managing, it takes a lot of work.
- Do you trust someone else to manage your property for you? It’s hard to turn over control and let someone else manage your property for you. However, if you find the right property manager who has good communication with their homeowners, it can be a great relationship to have!
We would love to talk to you or answer any questions about us being a property manager for your rental properties! Give us a call at 785.320.7977.