Hopefully, this article will help you decide if hiring a property manager is right for you. There are many reasons why a Landlord should hire a Professional Property Manager.
Managers will usually market and advertise your rentals, meet with prospects to host showings, collecting rent, deposit money to your bank account, and coordinate repair issues. They are also the first line of defense when responding to tenant complaints and will even stand by your side when you have to pursue an eviction or get sued.
What Exactly do Property Management Companies Do?
In my opinion, an excellent property manager will have the heart of a teacher , and voluntarily keep you updated with regular communication. Above all, the main purpose of a property manager is to give you peace of mind that your investment is being handled with care. Unorganized property managers will try to manage everything, but still turn to you for every issue and request — forcing you to be involved and thereby not reducing your stress level. Most newbie landlords can handle 1 or 2 units on their own. How far away do you live from your properties? If you live over 50 miles away and have more than 2 units, you should consider talking to a local Property Manager who operates in a closer proximity to your rental property.
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If you do choose to be a long-distance landlord, you should create a list of favorite vendors that you can call upon in an emergency. Perhaps property management does not interest you, or you are not detail oriented.
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If you are not an organized person, then you should consider giving the responsibility to a professional. And then, two months into owning the property, the frequency of calls from the tenant on the main floor began to increase dramatically. She was upset because as the weather got colder, the tenant beneath her was smoking in the unit and she could smell it. Her son had asthma and this was impacting him. They were polite to Julie. They called him a tattle tale and made him feel threatened.
It dragged out for weeks, but the issues escalated.
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Soon the two tenants were at war and Julie was receiving 20—25 calls a day. The police were called to the scene twice by the tenants on the main floor. It was a disaster. Julie pretty much lost it.
She was fit to be fried. And looking back, it should have been obvious to both of us that Julie was not well suited for the job.
5 Reasons You Should Hire a Good Property Manager | Asset Protection Property Management
She is organized, efficient and focused. Well, not exactly. Anything that throws her off what she is working on at the present moment is an annoyance for her.
That said, your property manager will make critical decisions on your behalf making it extremely important that you do your homework during the hiring process. This guide is designed to empower property owners with the knowledge and tools necessary to confidently evaluate all of the property management companies they interview, and hire a property manager that can competently meet their needs.
When Should a Landlord Hire a Property Management Company?
Find and compare property managers from Phoenix to Los Angeles and everywhere between. Still want to self-manage? We recommend using property management software like Rentec Direct. Search our directory of local property management companies to find property managers near you. The response from my new manager was super and I expect a great working relationship with her company.