If you are wondering whether you should hire a property manager, then you should stop procrastinating. The best way to manage investment properties including tenants is to have a property management company specialising in the plethora of services you need. Unless you are deft at property management yourself, have enough experience as a landlord and you don’t have any other business or profession demanding time and effort, you should consider hiring a property manager.
Hiring a property manager is not a random process and you should not take your hands off completely. You must make the right choices and ensure that you get most out of a property manager.
- The property manager you consider and eventually hire must be completely focused on your property. One tenant moving out or a lease expiring and another tenant moving in after two months will cost you dearly. You cannot let your property be vacant for two months, unless it doesn’t bother you financially. A property manager should not only be a hands-on professional but must ensure that you have the lowest or no vacancy rates.
- A property manager is your trusted aide looking after your property and over your rental business. You should not only be able to trust your property manager but they should take care of your business interest and investment. From timely repairs to proactive maintenance, unfailing commitment to collect rent and more, your property manager must be impeccable at the job.
- Try to hire a local property manager. The biggest problem there would be when new tenants must be sought. Your Property manager needs to pay visits, to collect rents and to handle disputes. Too many properties and the manager would be torn for time.
- Also, your property manager would need to manage the marketing of your. The property manager must have a well planned approach and proven strategies to get tenants.