You might be a hands-on landlord that prefers to handle every aspect of property management. Have you ever considered the idea of hiring a property manager instead so that you can focus on more important things? If you get the right property manager, you could end up making more money. Should you hire a property manager? What about doing it yourself? In this guide, we’re going to highlight if hiring a property manager or doing it yourself is the right way to go.
What are The Roles of a Property Manager?
The work of a property manager is to essentially do everything that is involved in the day-to-day managing of the property. They’ll market the rentals, get tenants, do rent collections, coordinate maintenance and even handle the taxation. In return, they’ll charge a percentage of the rental income. The property management fee is around 7%-10% of the rent income depending on the agreement and the responsibility that they handle. There are circumstances that will necessitate hiring a property manager and they’ll include:
- When you have multiple properties
- You don’t live near the property
- You’re always overwhelmed with the different aspects of management
- You’re always busy with other commitments
Do You Need a Property Manager?
There is no straight answer to this question as it will depend on the amount of time you’re willing to put in to manage the property. There are a couple of benefits of hiring a property manager as a landlord.
Quality tenants: The process of screening tenants can be highly complex. You don’t want just anyone renting your property. Property managers are experienced with the screening process and will make sure that only quality tenants are allowed to rent your property.
Less Legal Problems: A single tenant can be responsible for serious financial losses. This is a fact that property managers know too well. You also don’t want to face unnecessary lawsuits when they can be avoided. The property manager will ensure that everything is done according to the law even when it involves evictions.
Efficiency With Rent Collection: Rent collection is one of the most important aspects when it comes to property management. For the cash flow to be consistent every month, it’s important to have systems and processes in place. You don’t want to have issues with the tenant just because of late payments. The property manager is the buffer between you and the tenant.
Finding a Property Manager
Once you’ve decided you’d want to hire a property manager, the next step would be to do the research. There are managers that will prefer to deal with landlords that own multiple properties as they get to make more. You can start by checking out the companies that are locally based. Ask for references and inspect the properties that are currently managed by the company. Reach out to multiple companies in order to determine the one that suits your needs. For more information on property management, you can check out https://myhomespot.com/
225 N Pace Blvd
Pensacola FL 32505