A good property manager is worth their weight in gold. Lots of patience and hard work go into finding the right tenants, maintaining the property, and acting responsibly as a landlord/agent. Unless owning and managing rental properties is a full-time job for you, or you want it to be, consider professional management to streamline your duties and do all that it takes to keep your property rented and maintained with quality tenants.
Advertising, marketing, screening applicants, drawing up leases, processing rent payments, maintaining tax and legal records, and dealing with maintenance issues and complaints are just a few things that crop up when managing a property. Depending on the size of your property, these tasks alone can constitute more than a full-time job. Don’t have time to make the mistake of trading your time to save a few dollars. You do not to step over dollars to grab a few dimes. When it comes to the notion that you can save money and build your portfolio by doing the management yourself, my only advice is: Not so fast.
You get what you pay for. A good manager is worth their weight in gold because you the owner will not have the headaches of dealing with Landlord duties and obligations. This makes owning and renting Real Estate passive income when you don’t have to roll up your sleeves yourself. Making comparisons based solely on price will come back to haunt you when you end up with the wrong tenants, a property that’s falling apart, broken lease agreements, poor communication, improperly set expectations and tenant complaints.
The first thing to consider is whether you have the time and expertise to manage your own property. Are you comfortable doing basic handyman tasks (or do you know someone dependable who is)? Do you know a reliable electrician and plumber who offer same-day service? Do you mind being on call 24/7 to handle issues that inevitably arise? Are you comfortable confronting tenants over complaints ? Or would you rather spend the money to free up your time by delegating these and other responsibilities?
Good property management doesn’t just collect rent. They build a rapport with your tenants, ensuring that they feel welcome and valued. They listen carefully to complaints and maintenance requests and take appropriate action.
You Really Can Be a Passive Investor
The biggest advantage you have in hiring good property managers? You get to really be a passive real estate investor. They give you the security of knowing your property is in capable hands that will keep things running smoothly, leaving you room to focus on what you want to.