You’ve navigated the confusing world of real estate to buy a rental property, and now you are the proud owner of an income producing asset.
However, all of that time, money, and work could be jeopardized if you don’t manage the property correctly. Therefore, an important question for any investor is: Should I take on this valuable role myself or hire a professional property manager to do it for me?
The response to this question is another one of those “there is no right answer, but there may be a right answer for you” kind of questions. Every person has different skills, personalities, and time availability. The purpose of this post is to help you make the best choice for you and your family.
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Role of a Property Manager
First, let’s talk about what a property manager actually does. But even that is tough to give a straight answer about! You see, property managers do a wide variety of tasks depending on the manager and the owner they will be working with. However, most of the time a property manager will:
- Advertise vacant units
- Screen applicants
- Approve tenants and sign leases
- Handle phone calls from tenants
- Schedule maintenance issues
- Issue late notices
- File eviction if needed
- Keep a record of income and expenses
- And possibly pay your property’s bills, depending on the manager
In addition to these tasks, property managers also offer numerous other benefits:
- A property manager can clear up your day, allowing you to spend more time with family, friends, or your day job.
- A property management company will have the infrastructure in place to handle your rental, including office staff, paperwork, and signage.
- A property manager will have a reliable set of contractors to work with and benefit from volume pricing.
- A property manager will give you more time to look for other deals, helping you focus on just the tasks that bring in the most money for you.
- A property manager will have a lead system in place for attracting potential tenants. People will know their name, recognize their signs, and call without them even needing to advertise your property.
Sounds like a dream, right?
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