While every investor/ property owner is different, there are a few questions you can ask yourself in considering if professional property management is right for you. We work with clients with a variety of properties and needs and can custom tailor a package just for you. Think about some of the following questions:
How much do you know about maintenance and repairs?
Most people don’t know enough to do the work themselves. (or don’t want to be available 24 hours a day for small repairs.) Finding trusted contractors can take a while and in the mean time you may unknowingly hire people that are uninsured, do poor quality work, over charge etc. Maintenance and repairs are a significant component of owning investment property and it is important that work is done well and in a timely manner to keep your tenants happy and abide by the law.
Can you handle the accounting aspect of investment property?
From collecting rents to tax documentation, there are many financial aspects that need a close eye in order to avoid mistakes. Many owners may feel the need to hire a separate accountant to manage reports, adding an extra hassle and expense. It probably makes sense to keep this function within the responsibilities of a property management team.
Financially, is managing your properties personally the best use of your time?
You have a lot on your plate as a property owner but you probably have other interests, jobs, family in your life who would like some time with you as well. Consider the small cost of property management as it compares to all the other things in your life. It is probably a small price to pay.