Do I Need a Property Manager?
Some new Landlords may look at the journey through rose-colored glasses.
They may think they can lease and then manage all aspects of their rental properties.
And actually, a lot of them are right, or at least, through trial and error, figure it out.
Should everyone hire a property manager?
In fact, the vast majority of rental homes in the United States, well over 50%, are self-managed.
So, let’s go over the 4 reasons you may not want to hire a property manager.
4 Reasons to Not Hire a Property Manager
1. If you have Time
If you are going to manage a property on your own, you need to treat it like a business.
And running any successful business takes time… a lot of time.
For example, when you market the home for rent, are you able to respond quickly when a prospect wants to see the home? After that, are you able to give tours of the home? Showing properties can take a lot of time, and most prospects prefer evenings and weekends.
If you have an abundance of time, and are not concerned with hours beyond the 9-5, then you may not need a property manager.
2. If you are Committed
Running a successful rental business, even one home, takes commitment. Are you committed to finding the best possible Tenant? Can you screen the Tenant? Thoroughly and correctly?
Never lease off the “good feeling” from a prospect.
Are you committed to investing in an attorney that can draft a solid lease that will address all key parts of a Tenant-Landlord relationship and is in compliance with state and local ordinances?
It’s easy to Google a lease, but it takes commitment to ensure you have a lease that is legitimate, fair and enforceable. You don’t want to gamble with your new business -make sure you’re legally squared away.
3. If you have Knowledge
You may think, “It’s probably easy to manage a home.”
And, honestly, if everything works really well, it can be a pretty painless process. However, when things go wrong, you’ll need to have the knowledge or employ someone who does to remedy the situation.
You’ll want to have a good contact, or contacts, with reputable contractors who can address all possible repairs that may need to be completed.
As noted above, you’ll definitely need an attorney that you can consult on a regular basis when legal issues arise.
4. If you want Control
Finally, if you are someone who really likes to control situations, and has a hard time letting go at times, it probably doesn’t make sense to hire a Property Manager.
A well-organized management company won’t involve you in some decisions about the property. They will use their knowledge to create solutions. If you want to be involved in every aspect, you probably don’t need a property manager.
While we obviously feel Property Management companies provide tremendous value to landlords, we are certainly not a good fit for everyone.
If you decide to hire a property manager, check out How to Choose an Indianapolis Property Management Company.
If you have any questions at all, please don’t hesitate to contact us.