When Should You Hire a Property Manager?
Hi, friends.
Real estate is one of the best investments you can make—but if you own a rental property, you already know that it’s a lot of work. Even if you love being hands-on, you might eventually need additional support. If any of the following scenarios sound familiar, it might be time to hire a property manager.
You own multiple properties.
Managing a property is a lot of work—and as your investment portfolio grows, you may find yourself overwhelmed by the upkeep. By hiring a property manager to handle the day-to-day business, you’ll be able to stay focused on the big picture.
You don’t live close to your properties.
Don’t let your location limit your investments. If you hire a property manager, you won’t have to worry about being on-site—your property manager will handle everything from leaky faucets to emergencies.
You want to save time.
Your time is valuable, and the needs of your tenants and properties require a lot of it. If you find that you’re spending more time than you’d like on landlord duties, consider outsourcing this work to a property manager.
You’re not interested in being a hands-on landlord.
Being a landlord is a job—and many folks are passionate about their work serving tenants and running the business of their rentals. But if you’d rather stay out of the day-to-day, if you’re less comfortable or familiar with the business side, or if you’d like to simply focus on your property as an investment, you might consider a property manager.
Property managers take on the bulk of the work of running your rental—from small as-needed tasks to long-term maintenance and planning. Here are just a few of the major things a property manager will do for you.
They handle rent.
Property managers do market research to set and adjust the rent, collect payment from tenants and pursue late rent if needed.
They find and coordinate with tenants.
Finding great tenants can be a long process, and property managers take care of everything from start to finish. They’ll advertise your property for you, find and screen prospective tenants, handle the leasing process and coordinate move-in and move-out.
They maintain your property.
Your property manager is the go-to for routine maintenance and repairs, and they’ll handle any tenant complaints and emergencies. Plus, they frequently have existing relationships with preferred contractors to save you the hassle of finding help when you need it and negotiating costs.
More than anything, a property manager’s job is to help your business run smoothly, provide your tenants with a good living experience and give you peace of mind. So, what qualities should you look for?
Experience.
You’ll want to work with a property manager who has experience with your type of property. Look for someone who is reputable, with a proven track record of trustworthiness and well-run properties.
Availability and responsiveness.
This is a key trait for a property manager—and it’ll benefit both you and your tenants. Communication with them should be clear, easy and reasonably prompt.
Transparency in processes.
Since your property manager will be handling so many of your operations, you’ll want clear insight on how they run things. This includes their tenant screening processes, what contractors they work with, billing, or anything you have questions about.
Personable people.
Your property manager represents you—and a good attitude and a friendly demeanor go a long way. They’ll be interfacing with current and prospective tenants daily, maintaining community relationships, and working with you to make your life easier. Make sure you go with someone who prioritizes a positive experience for everyone.
If you’re thinking of hiring a property manager, be sure to check out our FAQs or get in touch.
Until next time,
The BRIGS Team