Unlike business executives working with different organisations, property managers are third party professionals that are hired to handle day to day operations of real estate investments. They are completely skilled in managing all kinds of assets from single family homes to multilevel apartment complexes. Not only upkeep and maintenance of occupied and vacant units but they also help landlords in tenant screening and rent collection. Property management firms deal directly with the prospective and existing occupant and empower homeowners to save money and time they will be spending to collect rent and responding to renter complaints immediately. In short working with a good asset manager, gives landlords a complete peace of mind.
Despite all these benefits, hiring a property manager is not the right move for everyone. There is list of situational factors landlords and investors should consider before hiring them.
Location of rental
A total number of miles you cover just to visit your rental can greatly enhance the burden on your mind. For instance, if it is located in a foreign territory or a neighbouring city, it will be even more difficult for you to maintain it well with maximum occupancy levels. Whether it’s about answering and taking care of unit maintenance or you need to collect rent, it’s not always possible for you to be there always. The money and time you will spend to fly there will be an additional cost that can be easily cut off after hiring an expert.
Total number of units you possess
Real estate investments grow with time. The increase in a total number of units you own also increases your responsibilities. More units mean more tenants, increased complaints, frequent visits, double maintenance and high vacancy levels. Similarly, if they are spreading across different projects and cities, it becomes a physical, mental and financial burden for the owner. This indicates the need to appoint a dedicated professional.
Availability of time to manage
It has been observed today’s full-time investors started with part-time investment. Same is the case with you. If it’s becoming difficult for you to manage your assets, then don’t doubt about your future. Every part time capitalist has to tackle this stress phase. All you need to do is to find a reliable person to oversee your assets.
Difficulty in tolerating stress
I know accepting this reality that you are losing the temper while dealing with a problematic lodger is difficult. No matter how even-tempered you are, you always need a well trained professional to rightly tackle ups and downs of property management. Despite looking a simple task, if it is taking your peace of mind and making you angry without any particular reason, then go ahead and pick the expert who can efficiently perform all the asset management tasks on your behalf.
Experience in maintenance and repairs
Handling maintenance and repairs of the lodging unit you possess are different from fixing them in rentals. You never know few lodgers become extremely problematic even with a leaky faucet. They kept on calling you unless you don’t visit them with a handyman. It’s not always possible for you to immediately visit them. This situation can be easily avoided if you have a person to attend them as soon as they call. It also releases the burden of searching skilled and reliable handyman.
Vacancy level of unit
No matter how competently you have managed your rentals, all your efforts become useless if you are not able to rent it out. Finding a renter requires advertising, negotiation and viewing your house to a prospective tenant. Do you have the negotiation skills to convince people? Could you face rejection and arguments? Above them is it manageable for you? If your answer is no, you will need a person to do it for you.
If you are experiencing these difficulties while maintaining your assets, then hiring a suitable property manager gives you not only the complete peace of mind but also a better control on your investments.
December 8, 2016