How to Know You Need a Property Manager for Your Apartment Complex

property manager

Investing in commercial or residential rental properties can be a profitable venture. However, deciding whether to handle its day-to-day operations yourself or seek out a rental property manager can be a tough decision.

There are a lot of elements to consider, including profit margins, expenses, benefits, and time. Before you sign the check to purchase your next rental investment, you need to have a plan in place as to how you intend to manage it.

In this blog, we present the questions you’ll need to ask in order to make the best choice for your property.

Determining Whether You Need a Property Manager

One of the biggest misconceptions is that managing a large rental property such as condos, apartment buildings, and townhouses is easy. Once you get the tenants, all you have to do is reap the monthly rental profits, right?

Wrong.

There is a lot that goes into managing a property. From day one, you have to market vacancies and fill your empty units with tenants–a process you’ll repeat each time someone moves out.

You don’t want to accept every potential tenant, either. Thorough screening processes are essential to the overall health and maintenance of your rental property. If you end up housing bad tenants, you run a higher risk of incurring unit damages, eviction cases, and more.

Choosing the right tenants requires application processes and background checks to help vet your candidates.

Then you have to maintain the needs of those good tenants for the duration of their lease. This includes maintenance calls and repairs.

If you are considering doing this on your own, make sure you have the time to:

  • Create and manage listings and open houses for your vacant units
  • Create and manage the application process for new tenants
  • Keep track of monthly rental payments and follow up on late dues
  • Manage any legal processes should a tenant fail to comply with their contractual agreement
  • Respond to any maintenance needs your tenants may have
  • Manage the bookkeeping and day-to-day operations of your rental properties

Sound like a full-time job? That’s because for most large rental properties it is.

Property managers are capable of doing all of the above, which is why so many rental property owners opt into hiring one.

The general cost for property management services varies greatly depending upon your needs. If you’re on a budget or want to be more involved in the management of your property, you may be able to negotiate better pricing by splitting the responsibilities between yourself and your property management company.

For example, you may hire them to handle your tenants, but you may choose to do all of the marketing and filling vacancies yourself.

To determine the best route for your investment property, discuss your budget with a real estate agency that offers these services, then weigh the net profit of your rental property’s units per month with these expenses factored in.

This will help you determine if you should hire a property manager or self-manage.

Find a Property Manager Today

Have you decided to invest in a property manager for your commercial or residential real estate? If so, let us help you choose the best company for the job.

Get in contact with us and let the experts at eFind Agent narrow down the best options based on your property and budget.