When Is The Right Time To Hire Professional Property Management?
Are you trying to decide whether now is the right time to hire a property manager?
According to Business Wire, 50 percent of investors handle all property management themselves. But 22 percent use third parties for some part of property management. Another 28 percent hire professional to do all the work.
The average cost of a property manager can be 10% of the monthly rent you charge. This makes hiring a property management company an investment decision worth your consideration.
Read on to learn when is the right time to hire professional property management.
You Own Property in Many Geographic Areas
You should hire professional property management if you own property in different locations.
When you manage all property yourself, it limits you to ownership in a narrow geographic area. This can keep you from investing in good ownership opportunities in areas outside of where you live.
An experienced property manager who is close to a property can help you to invest in a wider geographic area.
Leverage Vendor Relationships
A professional property manager may have relationships with other professionals that you don’t.
This can range from relationships with maintenance workers and plumbers to contractors. These connections can help you find reputable workers that do good work. A property can also track their work status and ensure they stick to their deadlines.
You may also benefit by getting price discounts you would not get if you managed a property yourself.
These relationships can be even more valuable if you are buying a property outside of where you live — especially if you do not have an established professional network in that area.
Your Free Time is Valuable
You may get to the point that you cannot afford to devote the time it takes to manage your own property. You also may be in a situation where have the time but have found you don’t enjoy handling property management.
Professional property management helps ease the day-to-day operations of your real estate. They handle things like past due rent payments, fixing property damage and more.
This gives you more free time to do other things like research the real estate market and find good deals. It may be exactly what you are looking for right now.
Wrapping Up: Hire Professional Property Management
Hiring a professional property manager can be a great way to help you run your investment properties in a more efficient way.
It can also allow you to get rid of some of the headaches that come with managing your own property. This is because your property manager will handle direct contact with tenants. This includes emergency repairs and dealing with bad tenants.
But perhaps you own property now and do not want to rent it to someone else anymore. Instead, you are ready to sell it and realize your profit.
At eFind Agent, we help property owners find the real estate agent that fits their unique needs. Contact us today to learn more about how our service can help you find the right agent for your transaction.
