As a landlord, managing multiple properties can be overwhelming. You have to list out your property to attract new tenants, screen and interview them, do a background check, and take care of all the documents, plus the maintenance of your property. If you have one property, you can do all of these yourself, but what if you own multiple properties?
Should you hire a property manager? Wouldn’t that be expensive? Or do you even need a property manager? Here's all you need to know about hiring a property manager for your property business.
When Do You Hire a Property Manager?
If you own a single property or even five units, you can handle all of it alone. Sure, it will be too much of a task, but hiring a property manager wouldn't be the best option considering the fees for property managers. But what if you own more than six to seven units? It can be an uphill task running behind every unit, looking for tenants, and maintaining them at once.
If you think you can afford a property manager, it's best to hire one to reduce your burden and get the work done on time. But hiring one means you have no direct control over your properties now. The property manager will handle all your units and report to you at the end of the day.
You will be the middleman indirectly managing your properties. It also means you get more free time and do not directly deal with tenants and property issues. But it would also mean you need to spend a part of your rental income on the property manager and hand over control of your property. It can be a tough decision, but hiring one can reduce your burden to a great extent as long as you have the budget for it.
What are the responsibilities of a Property Manager?
Property managers will be responsible for multiple things, right from interviewing your tenants to collecting rents to returning security deposits. Here are the top seven responsibilities held by property managers:
Screening of Tenants
Listing Property when Tenants are Needed
Setting the Price of Rent
Signing agreements
Manage repair and maintenance orders
Taking care of handing security deposit to the tenants
Handle issues raised by the tenant
When there are too many units to maintain, handling all your responsibilities on your own can be tricky, which is when property managers are hired. They can take care of your property, professionally address issues, and handle complaints by your tenants without taking them personally. Sometimes, disputes between landlords and tenants can turn personal, which may not be good.
Disadvantages of Hiring a Property Manager
Though pros outweigh cons here, one thing to note is that property managers can either be prompt and handle everything professionally since they don't own the property. But at the same time, they can be negligible about specific issues as they don't own the property. Even though you set to hire the best of the best, this factor can be a disadvantage of hiring property managers for your business.
When to Hire a Property Manager?
If you're still unsure when to hire a property manager, here are four tell-tale signs of you needing someone who can take care of your property.
You don't have much time
Suppose you own a business and you find it hard to devote equal time to your property business or find yourself delaying responding to tenant complaints and requests. In that case, it's time you consider a property manager. Sometimes you may not know that you need someone to handle your property, but if these subtle signs can mean hiring one can save you time and have a good relationship with your tenants.
Finding tenants is difficult
Searching for tenants, screening them, and handling their complaints can be a task, and if you don't enjoy managing it, it's time to think about hiring one. Some property owners don't like handling everyday property tasks, and if you're one of them, you know what to do. Leave the heavy work to property managers and sit back and get updates about your property every day if that's what you prefer.
You own multiple properties
One of the most common reasons to hire property managers is when you cannot handle multiple properties at once. And by numerous properties, we mean owning more than seven or eight properties. It sure is a task managing everything when there is so much going on at each unit. You can hire a property manager or consult a property management company to assist you with it. In fact, if you're looking for one, you can consult our team at Assetsoft.
You stay far away from your property
Whether you're staying in a different city or a different country and are away from your property, hiring property managers will ensure your properties are well-maintained, and your tenants are happy too. Having properties away from your home becomes challenging to manage and maintain when tenants raise complaints about the properties. And that's when you can hire a property manager.
Let Assetsoft Help You Decide If You Need a Property Manager or Not
Now that you got an idea, if you're still unsure and want to talk to experienced professionals about it, Assetsoft can help you. We provide property management services and products for your property business to make your life easier. We'll assess your portfolio and tell you what can be done best. Or, if you're looking for property management software for your business, we can help you with that too.
If you want to know more about it, you can get on a consultation call with us, and our team would be glad to assist you with your queries.
Contact us today to know more!