6 Reasons to Hire a Property Manager
You might be able to manage a property yourself but there are a few reasons you may still want to hire a property manager.
If you already have a number of personal and professional demands that require your attention, managing a property might be too much to tack on to your existing schedule. Hiring a property manager to handle all the paperwork, administration, and maintenance means you can focus your time on more important things.
Out of the Area
If you're a member of the military or work for the State Department you may find yourself needing to relocate for years at a time. When this happens you'll likely be faced with the question of what to do with your home. If you're not willing or ready to sell when the time comes, renting your home is an excellent alternative.
But how do you ensure that your property is cared for when you're so far away? What if there is an emergency? How will you organize any maintenance that needs to be performed and then make sure it was done properly? How will you manage lease renewals and other annual paperwork? If you hire a property manager, they can take care of all of that for you.
Alternative to Foreclosure or Short Sale
If you can no longer make payments on your property, foreclosure and short sale are not your only options. One workable alternative is renting out the property and having your tenants pay the mortgage for you. In this scenario a property manager is just the type of person you would want to contact to get started. Not only will we get your house listed quickly, we can advise you on the whole process should you need help dealing with the bank or just figuring our your next move.
Don't want to be the go-to guy or gal
Perhaps you'd rather not be the person your tenant calls every time they have a question, concern, or small repair to be made. Likewise, maybe you don't want to be the one making calls to service vendors to coordinate maintenance and repairs. If this is you, a property manager can manage all of that for you and keep you as in or out of the loop as you care to be.
Not familiar with all the details
Maybe you have the time and patience to handle the basics of property management but don't know about the little details. What laws must you abide by? Which tax forms do you need to prepare? Will you need to file any paperwork with the county or local government? If that's the sort of thing you'd rather not worry about, a professional property manager can take care of it for you.
Investor with a buy and hold strategy
If you're a real estate investor using a buy and hold strategy, renting the property until you're ready to sell is a great way to keep your out-of-pocket costs low. The day-to-day demands of property management can be time consuming, though, especially if you're holding multiple properties at once. Hiring a property manager means you can keep your attention focused on the market and your investments.