One of the most common questions that rental property owners must ask themselves at some point in time is whether they should hire a property manager. There are certainly advantages to having someone else manage your rental properties, but there can also be drawbacks, as well, including the fact that it is another expense you must pay. Understanding what is involved in hiring a property manager can help you to determine whether this is the right move for your business.
First, consider why you want to hire a property manager. There can be many situations in which it might make sense to hire a property manager, such as when your rental properties have expanded beyond what you are able to manage effectively and efficiently. You might also consider hiring a property manager if you do not live in the same location as your rental properties. Many landlords also consider hiring a property manager if they do not have the time or desire to handle the day-to-day issues that come along with rental property management.
In determining whether hiring a property manager is the right decision for you, consider the typical tasks that a property manager handles. Such responsibilities might include handling repairs, maintenance, advertising, screening applications, filling vacancies, collecting rent, and showing the property.
Finding the Right Property Manager
If you decide that hiring a property manager is a good business decision, you will need to know what to look for in order to find the right person. First, it is important to look for someone who actually has experience in managing rental properties. In addition, it is important for the property manager you hire to have strong organizational and management skills. Due to the fact that they will be working one-on-one with your tenants, your property manager should also have good interpersonal skills.
While these are all important skills, you will also need to consider your own personal needs. For instance, do you need a property manager who is bilingual? Would you prefer to have someone who is able to live onsite?
As is the case when hiring any employee, it is crucial that you take the time to ask for and check references. After all, you are entrusting your business to this person and you need to ensure that they will represent your business in the best possible light. Ultimately, the person that you hire should make your business easier to operate.
Keep in mind that even after you have hired a property manager, you will need to be proactive about supervising him or her. The person you hire should improve your business operations and make your life easier, but you will still need to stay on top of things. Whether you choose to be highly involved or leave everything up to your property manager is up to you, but in the end, you are responsible for any actions taken by your property manager. At the very least, you must ensure that your property manager supplies you with regular updates.