Is it Time to Hire a Property Manager?
Is it Time to Hire a Property Manager? Many property owners believe the cheapest and most reliable way to manage their property is to do it themselves. But Gordon James Realty’s clients typically find that the small fee they pay is easily offset by increased revenue from shorter vacancies and quicker turnaround times and savings from more cost-effective maintenance and repairs. Beyond cost, our property management services relieve you of the need to tend to middle-of-the-night emergencies, pester tenants to pay their rent or worry about the intricacies of landlord-tenant laws.
Our company started as a group of property investors, so we understand how difficult it can be to trust someone else to handle your home or investment. But we also know that managing rental properties, especially from a distance, can be challenging and stressful. The chart above can help you decide if you might be better off on your own or with a management company. And following are some situations where we’ve found a professional property manager can save owners time, money and headaches:
- You live out of town or out of the country: Screening tenants, overseeing repairs and ensuring your property is being properly cared for is extremely difficult when you’re hundreds or thousands of miles away. The cost of travel can easily exceed the cost of hiring a professional management company.
- Your career or personal life keeps you busy: Even when things are going smoothly, being a good landlord takes a significant amount of time and effort. Showing the property, responding to emergencies at all hours, answering tenant e-mails and phone calls in a timely manner, documenting rental activities and expenses and overseeing repair work can all take precious time you need for your day job, family or well-deserved recreation and vacations.
- You’re not sure how to find or screen tenants: There’s much more to finding a reliable tenant than placing an ad on Craigslist. Many property management companies can handle every aspect of preparing, pricing and marketing your unit to attract the largest pool of qualified candidates and command the best rental price.
In addition, professional management companies have the resources to perform thorough credit, background and criminal checks to ensure your tenant will be a responsible rent payer who takes care of your property. Management companies also have the knowledge and procedures in place to follow all federal and local Fair Housing laws and avoid any discrimination charges.
- You’re unfamiliar with local landlord-tenant laws and regulations: Failing to obtain the proper license, omitting important lease clauses or failing to follow the proper process for an eviction can all cost landlords money or even result in lawsuits. Licensed property managers have experience dealing with all the ins and outs of local regulations and must be well versed in all applicable local, state and federal laws, helping owners prevent legal problems.
- You own multiple properties or plan to expand your portfolio: Owning multiple investment properties can be a great way to accumulate wealth. But unless you’re a full-time landlord, the work and time required to fill vacancies, enforce multiple leases and maintain properties and can become overwhelming. Property management companies can handle all the day-to-day tasks and help you maximize your investments.
- Customer service isn’t your strength: Remaining friendly and professional when faced with with tenant complaints or demands isn’t always easy, especially when that person is living in your home. A professional manager can be a buffer, calmly dealing with any problems and handling tasks that some owners find awkward, such as enforcing lease rules and timely rent payment.
Gordon James Realty offers a full-suite of property management services, and we customize our services to meet your needs and those of your property. We allow owners to be as involved or hands off as they’d like, so you get exactly the management experience you prefer. And the fees for our services are often tax deductible. For more information, contact us today.