Pros and Cons of Hiring a Property Manager, Even If You Live In Town

Managing a property, whether it’s a single-family home, an apartment complex, or a commercial space, requires a significant investment of pretty much everything you’ve got! Some property owners choose to take on the responsibilities themselves if they live in town or recruit the help of a family member, but let us tell you why hiring a property manager could be the smartest decision you ever made – even if you live in the same town!

Pros:

1. Time and Convenience: One of the most significant advantages of hiring a property manager is the time and convenience it offers. Even if you live in town, managing a property can be time-consuming with running back and forth to collect rent, show the property, maintenance requests, and emergencies can be really taxing. Lucky for you, a property manager can handle these tasks efficiently and may even be cheaper than the cost of all the gas you’re spending going back and forth.
2. Expertise and Experience: There are some intangible things property managers can bring to the table and the number one thing is their expertise. They have in-depth knowledge of local rental markets, tenant screening, lease agreements, and property maintenance that can save you money. This kind of experience is invaluable and can help you avoid common pitfalls so
3. Tenant Screening: Finding reliable tenants is crucial for the success of your property investment. Property managers are skilled at screening potential tenants, checking references, and conducting background checks. This can lead to lower vacancy rates, fewer payment issues, and a generally more stable rental income.
4. Property Maintenance: Regular property maintenance is essential for retaining the value of your investment. Property managers have a network of trusted contractors and maintenance professionals. They can coordinate repairs, conduct inspections, and ensure that your property remains in good condition.
5. Legal and Regulatory Compliance: Rental laws and regulations can be complex and can vary from one location to another. Property managers stay up-to-date with these laws and ensure that your property operations are compliant. This can protect you from legal liabilities and potential lawsuits.

Cons:

1. Cost: One of the primary drawbacks of hiring a property manager is the cost. Property managers typically charge a percentage of the rental income, usually ranging anywhere from 5% to 15%. While this cost is an investment in hassle-free property management and frees you up to enjoy your time or work on other investments, it does eat into your profits.
2. Less Direct Control: Hiring a property manager means relinquishing some level of direct control over your property. While this can be a relief, especially for busy property owners, it also means you might have less influence over day-to-day decisions.
3. Communication: While property managers can handle tenant communication, some property owners may prefer to have direct interaction with their tenants. If you value personal communication and relationship-building, this might be a potential downside.
4. Choosing the Right Manager: Not all property managers are created equal. Selecting the right manager is crucial for a successful partnership. An inexperienced or inefficient property manager could lead to problems rather than solutions.

If you are a busy business owner, are a remote owner, have multiple properties, are looking for more passive income or if you’re simply just a first time landlord, property managers can be worth their weight in gold. Time is money and property managers can easily save you both! Not to mention the peace of mind that comes along with it!