When should you chose a property manager to manage your investment
You should consider hiring a property management company if:
You don't live near your investment property.
Having someone close by your investment property with local connections, knowledge and the ability to attend your property quickly, will offer you peace of mind.
You're not interested in hands-on management.
You may not want to spend your days collecting rent, arranging repairs, conducting property inspections, keeping trust accounting accounts and records, filing bonds, locating tenants, adjudicating disputes, managing tenancy breaches, reviewing legislation and lease paperwork, renewing rent and leases to name a few investment property related activities.
You don’t want a relationship (with your tenant).
With your tenant. Many people find it easier to use a third party to manage day to day tenancy issues, as many are sensitive and often can lead to difficult conversations such as bond inspections. Using a property manager, you don’t need to have a relationship with the tenant & be placed in difficult situations.
Your time is limited.
You may not have the time to invest in managing your own investment property.
You can afford the cost.
After weighing up time versus cost. You decide you wish to use a property manager. Ensure you research what service you will actually get and what you are paying for them.
You have multiple properties or rental units.
The more rental properties you own and the more units they contain, the more you're likely to benefit from a management company to manage all the tasks and people involved in the process for you.
Interested in finding out more about property management services with LJ Hooker?