If you are a new Landlord, I’m certain you’ve asked yourself, “Do I really need to hire a Property Manager?”
Now, as an Owner of a Property Management company, you probably are thinking, “Well, I know what this guy is going to say.” But, my answer might surprise you.
Should everyone hire a Property Management Company?
In fact, the vast majority of rental homes in the United States, as high as 70%, are self-managed. So, I thought I would spend a few minutes discussing why you may not need a Property Manager for your rental home.
1. If you have Time – If you are going to manage a property on your own, you need to treat it like a business. Running any successful business takes time. For example, when you market the home for rent, are you able to respond to people – quickly – when a prospect wants to see the home? After that, are you able to show the home to prospects? Showing properties can take a lot of time, and prospects generally want to see the home during off-hours, like evenings and weekends.
2. If you are Committed – Also, running a successful rental business, even if you have just one home, takes commitment. Are you committed to finding the best possible Tenant? If so, be sure you can screen that Tenant correctly. You should never just lease a property because you had a “good feeling” about a prospect.
Are you committed to investing in an attorney to draft a very good lease that will address all key parts of a Landlord-Tenant relationship and be in compliance with all state and local ordinances? It’s easy to Google a lease, but you’ll need commitment to ensure you have the correct lease.
3. If you have Knowledge – A lot of do-it-your-selfers think it can be very easy to lease and 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.
For example, you’ll want to have good contact with contractors who can address all possible repairs to your home. And you’ll definitely want to have an attorney that you can consult 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 companies won’t involve you in some decisions about the property and you may have a problem with that.
So, in closing, while I obviously feel Property Management companies provide a tremendous value to Landlords, we certainly are good fits for everyone.
If you have any questions at all, please don’t hesitate to contact us!