Should you hire a property manager, or would you be better off handling all the landlord responsibilities by yourself? Due to the challenging and often tiresome nature of the business, most rental property investors must have pondered on this question more than once as they go about running their day-to-day operations.
Perhaps you’ve even asked yourself the very same question and came up with the same conclusions as most of your peers. Yes, you need to hire a property manager – for a lot of good reasons.
By hiring a credible property management company, you can maximize the income from your rental properties without unnecessarily stressing yourself out. You don’t have to worry about marketing your property and filling up vacancies, taking care of emergency repairs and other issues, agonizing over late payments, and dealing with an ugly eviction process. You’ll have someone to do all these things for you.
Imagine all that money coming in month after month! And the best part is that you don’t even have to lift a finger to make it happen.
However, there are different kinds of property managers. Some will be up to par, while some may fail to deliver the goods. But there are also those who will surpass all your expectations. That’s the kind of people you’d want in your team.
Should I Hire a Property Manager?
How do you know if hiring a property manager will be in your best interest? You’ll know you need to hire one if:
- You have several rental properties. Handling three to five rental properties can be too much for most people. You probably need some expert help as your investment portfolio grows.
- You have investment homes outside your area of residence. You need someone to handle the day-to-day operations if you don’t live near your rental properties.
- It is taking up a huge chunk of your time. Hiring a property manager gives you the time to do the things you enjoy most, whether it’s expanding your investment portfolio, exploring other business opportunities, spending time with family and friends, or pursuing your passion.
- You feel overwhelmed. Property management tasks can be daunting, to say the least. If you feel you’re not up to the task or are not interested in hands-on management, it’s a clear sign that you need some expert help.
How to Hire a Property Manager
When hiring a property manager, you don’t want just anyone. You’d go for the best. How do you do it? Here are some useful tips to help you find the right man for the job.
- Ask for referrals. Keep in mind that no two property management companies are created equal, so hiring the first property manager that comes your way may not be the wisest thing to do. Instead, ask around for recommendations. Talk to people you trust in the industry to see if they have someone in mind who can do the job well. You can also ask your state or local apartment association for referrals.
- Check online reviews. Popular review sites like Angie’s List, Google Reviews, and Yelp can be a great source of information.
- Make a list. Take note of the companies that fit your needs and check their licenses and certifications. As a bare minimum, they should be licensed real estate agents. Requirements may vary between states, so you can consult with the National Property Management Association for guidance.
- Compare fees. Different property management companies may have different fee structures, so ask how much they charge for their services. Do they charge a flat fee, or does it increase as rent increases? Make sure you understand all the fees they charge (e.g., basic management fee, vacancy fee, setup fee, leasing fee, etc.) to avoid any confusion.
- Ask the right questions. Here are some questions you might want to ask during the interview process to pin down the right candidate for the job.
- How do you market, advertise, and fill a rental vacancy?
- How do you determine fair market rental rate?
- How long does it take you to fill up a vacancy and how do you screen tenants?
- Will you involve me in the tenant selection process?
- How do you handle maintenance requests and emergencies?
- What is your process for handling delayed rents? What do you do if tenants don’t pay on time?
- How many units do you currently handle and how big is your staff?
- Do you use any property management software?
- Will you handle evictions and have you had any experience handling one?
Hiring a Property Manager? It’s About Time!
Managing rental properties can be a tough job, especially if you own several properties all over the country or are not passionate about handling the day-to-day operation of the business. If this is the case, you’ll want a credible and dedicated property manager by your side to do the heavy lifting.
However, since not all property managers provide the same quality of service and commitment to the job, you need to choose a property management company that can help you run the business smoothly and protect you from all the headaches that come with it. At Tenant Planet, we promise to do all that – and more!
Tenant Planet represents the “Modern Landlords.” We combine innovation and technology with a talented team to provide a new standard for each of our clients. We don’t adhere to the traditional property management model where the clients pay even for services they do not use.
By working with us, you can maximize your rental income and get more value for your money. We provide better service at a better price. And in case you’re not satisfied with us, which is highly unlikely since all of our clients love us and appreciate what we do for them, you can cancel any time without any obligation.
We want to see you succeed and we’ll do everything we can to make sure you do!
Interested in what we have to offer? To learn more about us and what we can do to help you on your project, please feel free to Request a Proposal. Got questions or comments? Email us at email@example.com.