Do You Need a Property Manager?
When should you begin to consider hiring a property manager? Read below for a few tips to think about as you either begin your investment property journey or increase your portfolio.
Size of portfolio
If you individually manage multiple properties, you could quickly become overwhelmed. It’s important to make sure that you are proactive. Begin your search for the right property management company at a time when you still have enough bandwidth.
Location of properties
Landlording from a distance is generally a bad idea. The further away you are from them and the further away they are from each other will not allow you to keep as close of an eye on your properties. It will also increase the time it takes to process maintenance requests.
Experience
Understanding things like maintenance and repairs, landlord tenant law, book keeping, marketing, etc., requires experience. While these are learned skills, hiring a property manager will shorten the learning curve and will provide the latest techniques for a smooth and expedited experience.
Willingness to deal with stress
Most people think of the basic things when it comes to being a landlord, but things can be a bit more complicated at times. When considering your level of tolerance, also ask yourself how you would deal with:
- Domestic disputes
- Tenants damaging your unit
- Getting sued by your tenant
- Habitual late payment of rent
- Dealing with someone who is angry or just generally difficult
Dealing with just one of these common issues could cost you the amount equivalent of having a property manager. It’s important to consider how you would handle each of these situations before committing to manage your own property.