Should you or should you not hire a property manager for your Emerald Coast property?
This is the question that many real estate investors often ask themselves.
Not every property owner requires a property manager. That said, for the right property and the right landlord, they can be invaluable.
The following are some questions you should try to answer to help you in making the right decision.
1. What experience and knowledge do you have in property management?
Experience and knowledge on how to run a rental property business are key.
A property manager has the skills, experience, and resources to manage a rental property. The average property manager will have managed dozens, if not hundreds, of properties in his or her career.
2. Do you have experience dealing with tenants?
Dealing with tenants can be difficult. Some don’t pay rent on time and others don’t respect the terms in the lease agreement.
Tenant management can be overwhelming and seem like a never-ending cycle of problems. A property manager can help ease this burden for you.
3. Can you trust someone else to manage your investment property?
Deciding to hire a property management company means that you are trusting someone else to maintain your investment.
Will you be comfortable doing that?
There is no guarantee that:
A) The property management company will share similar interests as you.
B) Everything will run smoothly. If you hire an inexperienced company they will encounter numerous problems that an experienced one would not.
Make sure you do your due diligence before hiring a property management company. Find one that is experienced, skilled, and has your best interests at heart.
4. Can you respond to issues immediately?
If you live in proximity to your rental properties, then it’s likely you’ll be able to respond to emergencies. On the other hand, it may not be possible to respond to issues immediately if you don’t live close to them.
For instance, suppose a tenant calls you at 3 a.m. due to flooding, will you be able to handle it right away?
Failing to respond immediately may not only ruin your reputation as a landlord but may also cost you a good tenant. You also run the risk of worsening the damage to your investment property.
If you can’t respond to emergencies quickly, then hiring a property manager might be the best solution.
5. Do you know how to market your property?
Knowing how to advertise your rental property to the right audience often results in selecting the right type of tenant.
Do you know which advertising channels work best on the Emerald Coast?
If you are a beginner, it’s unlikely you may know this. A local property manager will be able to help you market your property to the right potential tenants.
6. Do you know how to find a good tenant?
Who is a good tenant?
A renter who is easy to deal with, cares for your property, pays their rent on time, and is more likely to rent long-term.
Finding this type of tenant takes knowing how to market your property and how to screen prospective tenants. These are two responsibilities that an experienced property management company would take care of for you.
7. Do you have the time?
Property management can be time-consuming and costly. Tasks include advertising your units, screening tenants, carrying out annual inspections, and handling late-night emergency repairs.
By hiring a property management company, it will help you free up time.
These are the 7 main questions you should ask yourself when making the decision on whether or not you need a property manager for your Emerald Coast property.