Being a landlord is a big responsibility that’s full of pros and cons. While it’s a great source of secondary or even primary income, it brings its own set of challenges and demands.
There are many tasks that need to be fulfilled when renting out a property, from making sure the property is well-maintained, to dealing with tenants who are regularly moving in and out. Regulating these responsibilities on your own can sometimes be a daunting task.
If you’re struggling with fulfilling these duties on your own, you may be considering hiring a property manager. We’ll share some useful factors to keep in mind in your decision whether you should hire a property manager.
How to Determine the Need to Hire a Property Manager
Evaluate Your Time Management and Effort
You’ll want to consider a few particulars when making the decision to hire a property manager. The most important factor is typically the amount of time and effort you are willing to put into managing your rental property yourself.
The benefit to not using a property manager is that you’ll save money to use elsewhere. However, hiring a property manager can save you time, energy, and effort that you could use to focus on other things. Weighing that cost-benefit of money vs. time and effort will help you determine whether it’s worth it to you to work with a property manager.
Property managers can be helpful in a number of ways, including:
- Collecting rent payments
- Managing repairs and maintenance
- Screening tenants
- Marketing your property
If these are tasks you’re willing and able to perform efficiently on your own, you may not need to hire a property manager. However, if you have multiple properties or are trying to expand to acquiring more, offloading some of those growing responsibilities can be an important key to your success.
Consider Whether You Need Assistance With Multiple or Large Properties
A landlord with multiple properties or large properties should consider hiring a property manager, as they have potential to become a valuable asset for your success.
Beyond day-to-day tasks, property managers can also take care of administrative responsibilities like performing end-of-lease inspections and eviction enforcement issues. This can save you time and energy as a landlord, especially with a higher volume of tenants across multiple properties.
As your property quantities and number of tenants increase, tasks you were able to take care of on your own before can become increasingly difficult. It’s a good idea to re-evaluate these criteria periodically and ask yourself, should I hire a property manager to assist me?
Consider How to Improve Efficiency While Maintaining Renters’ Satisfaction
Hiring a property manager can increase the efficiency of your property needs by finding tenants and filling vacancies quickly, when applicable. A property manager can also keep tenants’ maintenance and repair needs met, keeping them happy and resulting in increased retention.
Evaluate Your Property Needs
As a landlord, it’s important to periodically evaluate your needs and determine whether your tenants’ needs are being met and your rental is profitable. A property management company may be able to help you if it’s time to offload some of the responsibilities of your property.
If you’re looking for a property management company, get in touch with Amanica today! We’re happy to assist you with getting started or answering questions you have about hiring a property manager.