Should you hire a Property Manager?

Managing a rental property requires significant time and effort. The more properties that you own, the more work will be involved. Some people choose to be hands-on in their approach whilst others would rather take a backseat and see their rental property as an investment opportunity that is managed by somebody else.

You’ll need to decide how you’d like to manage your property. Would you like to play an active role in managing your own rental property, or would you prefer to let somebody else take the reins while you enjoy the profits?

What does a Property Management Company do?

Property managers can help you every step of the way with your rental property. They will deal directly with tenants, including marketing your property, collecting the rent, handling maintenance issues and pursuing evictions when required.

Although it’s perfectly possible to manage your rental property yourself, a good property manager will give you peace of mind, knowing that your rental property is in safe and experienced hands.

Hiring a Property Manager is convenient

If you have several rental properties, it can feel difficult to manage. Hiring a property manager can take some of that stress away, allowing you to enjoy the profits of your rental business without as much effort.

Hiring a property manager is also a great idea if you don’t live locally to your rental property. There are issues that may arise that could be more difficult to deal with from afar. Your property manager will take care of any problems, leaving you to focus on the bigger picture.

Hiring a Property Manager will save you time

Managing your rental property alone can be extremely time-consuming. No one has more than 24 hours in a day, so there’s only so much that you can do. Even if you enjoy being hands-on with your properties, you haven’t always got time – especially if you also have a day job.

Hiring a property manager can save you time, allowing you to focus on other aspects of your life, or putting the extra effort into growing your rental business.

Hiring a Property Manager means that you can relax

Not everyone wants to be a hands-on landlord. Some people enjoy the challenge of finding good tenants and maintaining their property, but others prefer to see their rental properties as an investment opportunity.

A good property manager will take the reins when it comes to your rental property, allowing you to sit back and reap the rewards without having to get involved in the day-to-day management of your properties.

The costs of hiring a Property Manager

Hiring a property manager to look after your rental properties is an investment. They will typically charge between 5% and 10% of your monthly rental revenue, so it can be costly.

However, the benefits that hiring a property management company can bring to both your rental business and the knock-on effect on your personal life can be worth it. You’ll need to weigh up the benefits with the cost to make the right decision for your rental business.