Should you hire a property manager?
Many people who are considering entering into the property rental arena usually ask themselves if they should hire a property manager. Here are some of the top reasons why you may want to consider using one.
1. You have multiple rental properties- The more you own the more complicated and time-consuming property management can be. Why not hire someone whose sole job is to manage properties rather than trying to fit it in your spare time?
2. Your rental property is more than an hour from your residence- A property manager can be a great asset to keep track of your investment on a day to day basis if you do not live near your rental property..
3. You are not interested in hands-on management- If you view your property as strictly an investment and don’t enjoy the day to day activities of managing a property manager may be the way to go for you.
4. You have limited time to devote to management- Even if you enjoy the day to day activities of management you may not have the time to devote to it. if you would rather devote your time to family or employment commitments a property manager may be your solution.
5. You want to keep in compliance with current laws and ordinances- A qualified property manager can help you keep in compliance with Federal, state, and local laws and ordinances when it comes to tenant/landlord interactions.
6. You have a hard time keeping reliable records- A property manager is a great option if you find it challenging to keep track of financial records for your property. You will get a concise statement monthly and annually for your tax reporting as well as someone to keep track of repairs and warranties on your property.
7. A property manager will uphold your lease- Having a buffer between you and your tenant can be invaluable. Your property manager will keep an objective and professional stance when upholding your lease. Sometimes this can be challenging to do when you have a personal relationship with your tenant.
If you identify with any of these reasons it would likely be worth your time to consult with a qualified property manager. Secretary of Estates offers a no-charge consultation to assess your property and your management needs. Give us a call at 303-660-8888.