Is a professional property manager the right choice for your rental property?
Professional property management can make owning (and profiting from!) rental properties a hassle-free experience for you. The decision to use a professional property management company involves weighing the pros and cons. When you choose the right professional property managers, you can trust that experts are handling your properties and tenants.
Property managers generally take a small percentage of your property’s monthly rent in exchange for their services. However, managing a rental property on your own can be like taking on a second full time job! When you consider the time investment you would need to make to take care of your rental alone, and what your time is worth to you, you may find that a professional property manager is the more affordable choice.
Consider what you get in return – a hassle-free, essentially passive income stream – the decision to employ a professional property management is an easy choice for the majority of rental property owners. Also, you can count on your property manager’s years of experience and undivided attention to the ever-changing local laws governing rentals to make sure that your property is being properly maintained and rented to the right tenants without incident.
While the right property manager can greatly benefit any rental property owner, you might especially want to consider hiring a property manager if any of the following things are true:
- You live far away from your rental property
- You’re not a home maintenance guru
- You don’t have at least 10-12 hours per month to deal with tasks related to your rental property
- You don’t want to have to make yourself constantly available in case of emergency
- You don’t have a good working knowledge of landlord-tenant law, and are not familiar with the legalese of lease agreements
- You don’t ever want to have to worry about dealing with difficult or non-paying tenants
- You are not sure you will be able to screen and select good tenants for placement