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If you own rental property and self-manage, then chances are you have considered at some point hiring a property manager at some point, or maybe you are considering it now. If you are on the fence about hiring a property manager for your current or future investment properties, then here are five reasons why you might want to lean more toward the side of hiring one.
Reclaiming your time - Owning an investment rental property can take up a lot of time, and often, the time you need to spend taking care of something comes at an inconvenient time in our day-to-day routine. Tenants have needs, and things go wrong in a house or apartment If you are the manager, they are going to call you wanting a resolution. Whether it be getting someone to clear the clogged toilet, fix the leaky sink, get them in because they have lost their keys and are locked out, or whatever the case may be. Issues come up and take time, and time is a commodity that most of us do not have enough of.
Helping source manpower and other needed things- right now, manpower and general labor are at a premium, and most of us are having a hard time getting qualified folks to show up and do the job. If you have just one or two properties, you may not garner the same response and attention from a qualified tradesman that someone who manages, say, 1000+ properties would get. So, by allowing a manager to manage your properties for you, there is an increased probability that your property will get the service it needs in a timely manner instead of just trying to do it all on your own.
Financial reporting- The back-end financial reporting on your investment property is just as important as the day-to-day needs of taking care of the property. You can save or lose thousands of dollars in paying for things you do not need to, not accounting for expenses for your taxes properly, and not being able to identify issues in a timely manner. Good reporting can keep you current with expenses and trends of your property and save you a lot of money and headaches in the long run.
Maximizing the investment- A lot of the self-managing owners I talk to generally do not keep up with the current market rates and trends on rental rates and apartment finishes to be competitive in the market. A good property manager can help with both since they are doing this full-time and are plugged into their markets to see what the rental rates are. Chances are, if you own a property and manage it yourself, there is a likelihood that you are leaving money on the table in rental rates that can be maximized sometimes, these increases in rates can offset most of the expense of a manager and you can pay for it and still enjoy the other benefits of a good management company.
Avoid burnout - If you self-manage a property, then there is a high probability that you will eventually experience burnout, and if that happens, then you will be less likely to continue to invest in real estate and grow your portfolio and opportunities, thus negating the very reason you started investing in the first place. A good manager can keep your perspective fresh and positive and focused on opportunities to earn profit from good investments.
No matter what type of property you have, there are benefits to hiring a manager, and often, the savings and value they can bring to the table more than pay for their services. Here at CAP Real Estate, we specialize in residential real estate, such as rental homes and multi-family housing. If you would like to schedule a consultation to see how our services can benefit you, please contact us using the form below.
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