Whether or not to hire a property manager has its upsides and downsides. When trying to decide if their property should be managed by a firm, the property owner needs to decide based on their individual circumstances. The owner needs to look at their time commitment. Besides being property owners, many landlords may also hold full time jobs, have hobbies and interests and/or families, that also require extensive attention. Some may not even live on or near their properties and the travel back and forth can be draining both physically and mentally.
Certainly, if the property owner is in a financial position to do so they might consider hiring a property manager to oversee the day to day operations of their property. Consulting with a potential property administrator should help further the owner’s decision. There are several questions the owner should ask to ensure their property will be well maintained in a professional manner. Since owners have both a financial and emotional investment in their properties, having a company manage it could be beneficial. The property manager can be more objective.
Keeping tenants happy by promptly attending to maintenance matters, addressing concerns about rent increases and other issues is the full-time job of the property manager. Property managers interview potential tenants, collect rent and ensure they adhere to their leases. They are also trained to overcome objections and train property staff. On the flip side, dealing with uncooperative tenants is a task the owner may not have time to handle on a daily basis.
Property managers are often tasked with monumental duties, and the fees paid to them, to free up the owners’ time, is worth it to many owners. Property owners will also appreciate that property managers must keep abreast of ever-changing laws regarding real estate laws. The downside of retaining a property manager may be the owner himself. An owner that is unable to “weed” out an undesirable manager could be left in financial turmoil. The property manager that receives fees but misappropriates the funds will not have happy tenants or staff. It is also wise for the owner to make impromptu trips to their property to ensure its smooth operations.
Another downside might be hiring a company that charges fees that don’t pertain to the property. An owner may receive excellent service but paying for something they clearly don’t need is a waste. The best way to guarantee an owner is getting the best service possible for the money they are willing to spend is to research.
Ask for recommendations from other property owners and for their feedback. Visit local Chambers of Commerce and look to the Better Business Bureau. Meet any property management cary nc candidates at your property and create scenarios for them to solve. Read all contracts carefully and have your lawyer to fine tune the hiring process.
Once you are satisfied with your selection, stay vigilant about the care and maintenance of your property. But also feel relaxed knowing your investment is being managed by a capable company. Don’t play around with this.
