As a new property owner, you may have the “If I want it done right, I need to do it myself” mentality. But this attitude will put you at a disadvantage in the long run. Self-managing your rental property can work well in some situations, but your time is better spent elsewhere. Let’s take a look at the reasons why having a property manager at your rental property/properties will be the best decision you can make.
As you know, having rental properties completely revolves around rent. Monthly rent is what keeps your business going, so if you have renters who are either turning in their payments late or not at all, then there is a more significant issue. You may or not be familiar with how a property manager is paid, but they usually receive a percentage of the property’s rental price. With this form of compensation, the property manager has a stake in collecting rent for you, therefore encouraging them to keep up with your renters and their payments. Relieving this monthly stress for you will be worth the percentage paid to a good property manager.
Your Time Is Valuable
You know how much time and effort it took you to purchase your rental property, so you know that your time is precious. Having to deal with the daily, tedious tasks of self-property management can take so much time away from your next rental property purchase, or other business ventures. A property manager can change that for you. Although you may feel apprehension at first, realize that it’ll be in the best interest of your business, and your sanity, to allow someone else to handle the day-to-day hassles.
Luckily for you, a property manager will handle maintenance issues and more. Your tenants having problems with their toilets not flushing or light bulbs going out will be your property manager’s duty to fix, not yours. Whether you have just one rental property, or a multi-unit, maintenance issues will arise at any moment. If you’re managing the property alone, you need to be prepared to be on-call. Unexpected emergencies at your rental property can put a ruin your family time, your weekends, holidays, and your vacation. Do yourself the favor of having a property manager to take care of maintenance issues for you.
Peace of Mind
Although it will take you some time to find the perfect person to manage your property, once you do, it will give you peace of mind. Their paycheck will be nothing in comparison to the daily, weekly, and monthly duties that you will not need to worry about anymore. Having peace of mind is worth every penny.