Have you been thinking about hiring a rental property manager, but quite unsure if it’s the right decision for you?
This is a common question even among property owners who have been managing their rental properties for quite some time. For some, the idea of letting another person handle the responsibilities of management can be difficult. Others would think hiring one is just an added cost and won’t help in maximizing their revenue. There is nothing wrong with choosing to manage your rental properties yourself, especially if you have the time and expertise. But then again, you might find it advantageous to hire a property manager for various reasons. One, you don’t have any experience in managing a rental property. Second, you don’t have the time to manage multiple rental or commercial properties.
Investing in rental or commercial properties has it perks, but also comes with a ton of work. The right property manager can take care of all things associated to your property. For instance, maintenance, tenant screening, collecting rent just to name a few. We have compiled key questions to ask yourself before hiring a rental property manager. These questions will help you decide whether you should hire a property management company or not.
5 Questions to Ask Yourself before Hiring a Rental Property Manager
1. Do I have the time to find a tenant, run background checks and show the property?
Property managers can market your property. They can find and screen tenants, run background checks, and show the property to prospective tenants. If you don’t have time to do this, then hiring a property manager can be a major time-saver.
2. How much experience do I have in managing rental properties?
Not knowing anything about rental properties and property management can potentially eat into your income. Having years of experience in managing local properties is an invaluable asset of a good property management company and can help in dealing with the unique issues that come with rental or commercial properties.
3. Do I have the time to manage my property – collect rent, deal with tenants, maintenance and repairs?
Managing a property takes time. You need to collect rent, market in social media platforms and do maintenance every now. And this is not at all the whole story, especially if you still have a full time job.
4. Am I willing to give up control?
A property management can handle almost everything from rental marketing to tenant screening. Property manager can even file taxes for the property. Are you willing to give that much control? Then hiring a property manager can be advantageous for you and your investment.
5. Am I familiar with the legal requirements of rental property?
Aside from the paperwork and legal requirements, every city has its own lease terms, eviction notice periods and landlord-tenant agreement. If you aren’t knowledgeable on the legal aspect of renting out a property, then it’s best to leave this to property managers.
Hiring a property manager can add value to your investment property. You can put your mind at ease knowing that they have a strong knowledge of the real estate market. Thus, hiring one far exceeds the cost compared to the value that they can add to your investment.
We understand that hiring a property management company is a big decision, but we hope that this article has given you confidence in your decision to hire a property manager.
If you have any other questions regarding property management and how it can meet your needs, feel free to contact Apogee Properties – your leading real estate management company providing comprehensive property management services from property marketing, tenant screening and to rent collection and to even evictions.
Working with Apogee Properties
Apogee Properties is Houston’s leading real estate management company. We work and live in Houston and our property managers are local. We have been in business for more than a decade providing comprehensive property management services in the Houston region ranging from a studio condo to a multi-family million dollar estate.
We look forward to hearing from you and sharing what we can offer to your Houston property. Contact us today to learn more!
