A property manager is someone who takes care of your rental property on your behalf. They are your representatives and handle day to day operations as well as troubleshoot problems. Because they are responsible for the overall welfare of the property, such professionals often stay in the rental venue.
However, not everyone agrees with the idea of having a property manager. But deciding whether or not you need one can be tricky, especially if this is your first time. This guide will help you determine if you need a property manager to help you with your North Shore rental.
So, the question is, when do you need to hire a property manager?
Rental property proximity
One of the main reasons why owners hire property managers is because of their proximity to the rental property. Driving three hours to solve an electrical issue in your rental property is costly, not to mention a hassle. Thus, if your home is not close to your rental unit, then having a property manager would be a wise choice.
Number of units handled
As much as you want to be a hands-on owner, it is not possible. Thus, if you are managing more than two units in different locations, hiring some professional help is a practical, not to mention convenient move.
Experience (or lack thereof)
Do you have experience in managing rental properties? If not, then hiring one would be recommended. If yes, then you might opt to forego this option or choose it because you know how much burden will be lifted off if you hire one.
Hiring a property manager does not come cheap. But if your property is doing well and you have the budget to employ one, then feel free to do so and enjoy the perks of having one.
Still confused if you need to hire one? Think of the points listed above as honestly as possible. It will help lead you to the right answer.