Why do I need a property manager?
Regardless of how much time you might have on your hands, owning an investment property is a business, not a hobby and it should be handled in a professional manner to get the best results.
Here are the top reasons to hire a property manager:
When your customer (your renter) needs something, they expect a speedy response and for their issue to be resolved in a timely manner. They do not want to wait until you are off work, have time, or can get your cousin over the house to fix that leak. Owners not responding to repair issues in a timely manner is the #1 reason renters move out! When renter’s move, you lose money. Do you want to lose money?
The state and the federal government take the laws regarding how you treat a tenant and Fair Housing laws very, very seriously! There is a whole government department dedicated to helping renters identify and protect themselves against landlords who may knowingly or unknowingly violate these rights. Not understanding or taking seriously the rights of a renter can cost you time and money in defending yourself. Do you really have the time or interest to make sure you are up to date on everything you need to know to protect yourself?
Marketing is Time Consuming:
There may be high demand for your home but answering emails, listening to voicemail, and scheduling showings is probably not the way you want to spend the next few weeks (ore more) of your life. Also, customers are impatient and if you do not respond to them immediately, they are already onto the next listing.
Do you like confrontation? When a renter is behind on their rent, some tough love needs to take place. The customer needs to know that you mean serious business while at the same time, treating the customer like a customer…with respect, kindness and dignity. You also have to prevent yourself from taking it personally or getting frustrated! Can you do this and do you want to?
Property Management, when done right, is a very tedious, granular and time consuming job! Even if you feel totally confident in your abilities…Is it the best use of your valuable time?
Something to think about!
If you decide that you don’t really have a desire to be a property manager and it’s not as glamorous as you might have imagined…we’re here for you!