While dealing with property, you are often in a dilemma, deciding whether or not hiring a property manager would benefit you. Your need for a property manager could depend on a lot of factors; the distance from your property, if you’re a first time property investor, or your inability (or desire not) to deal with tenants. The reason could be anything. If you are caught up in a similar situation and are wondering if you should hire a manager or not, here are 5 factors that will help you with your decision.
1. Distance Between Your Residence and Your Property
If your property is miles away from the place where you reside, hiring a property manager might be a good idea. Handling tenant complaints, quickly responding to emergencies, taking care of maintenance issues, and even making sure you collect rent on time, would be a rather tedious task if you lived far away. In such situations, it is best to take the help of someone who is equipped to handle this for you.
2. Your Experience Before Hiring a Project Manager
As a first-time property investor, chances are that you might commit a few blunders that may lead to the demise of your investment. If property management is a new concept to you, then, hiring an experienced manager will definitely benefit you. They will act as guides and mentors, and will help you get a better understanding of your property.
3. Ask Yourself If You Have Time to Manage Your Property
Handling a property can be stressful if you have a full-time job at hand. Managing your property and giving it the attention it requires is a very crucial part of property management. If you cannot give your undivided attention to the property, hiring a property manager would be a good option for you.
4. Your Ability to Deal With Tenants
How good are you at handling complaints and maintenance issues? If the very thought of it stresses you out, then you should probably hire a manager. We know the knack of handling such issues in a professional manner, thus making your work easier.
5. How Many Units Do You Own?
If you happen to invest in too many properties at once, then handling them by yourself will take up a lot of your time. You will be burdened with a lot of responsibilities. The more number of tenants you have, the more complaints and maintenance issues you will have to address. In such circumstances, hiring a property manager will prove beneficial as they will be able to handle your properties more efficiently.