We all know that managing a property is not an easy task for anyone. It takes a lot of patience and commitment to get the job done. Imagine if a landlord has several properties. Isn’t it a handful having to juggle many things at the same time? And this is why some landlords opt to hire property managers to do the work for them. A property owner might ask you if he should hire one. Keep on reading to find out the pros and cons so you’ll know what to answer.
Landlords hire property managers to perform their tasks, such as maintenance, collecting rent, and handling the overall management. They specialize in making sure the business operates well under the property owner’s guidance. A good property manager must have these qualities: integrity, flexibility, and familiarity with the property.
It is crucial to find a property manager who can work well with the property owner. It is not enough to find someone good at his job because he has to compromise with the owner. If the owner and manager have different ways of doing things, it can pose a problem in their partnership. Although it may become favorable to some but most of the time, it doesn’t. It is still better to find someone who complements well with the owner.
Part of being a property manager is being flexible. He must follow what the property owner wants and how to do things. The owner expects him to adjust to the system and perform his tasks according to the owner’s preference. If the manager disagrees with the practices and policies, he may not meet the expectations.
Property managers must also know the type of property they will be handling. They should know the target market for tenants because there are different ways of handling them. Is the property for military families or section 8 tenants? These are the things they should be familiar with because there are specific policies for them.
Of course, there are advantages to hiring a property manager. Here are some of them:
Staying away from stress
Managing a property is hard work. Owners prefer hiring managers to stay away from the stress it brings. The job entails dealing with property problems and tenant issues. Having a property manager unburdens the owners from receiving calls at 3:00 am.
Time-saving and energy-conservation
If the property owner cannot commit full-time to his business, hiring a manager is the best option. He might have another job that prevents him from being hands-on, or he wants to use his time on other things. Either way, hiring a manager helps him save his time and energy.
Knowing the happenings inside
If an owner has several properties to take care of, his focus might become limited. Because of this, he might not know everything that happens on the property. Having a manager can change that. He can keep an eye on the property and tenants and can identify their concerns.
A property owner will eventually try to make his business progress if everything goes well. He can utilize the property manager to look after several properties.
If there are advantages to hiring property managers, there are also disadvantages. What are the cons of this?
Hiring a property manager does not come cheap. Their job includes a lot of things, and owners have to compensate them correctly. The first disadvantage is the cost of hiring another person. It can start as low as 4 percent leading up to 12 percent. Owners have to consider management fees and leasing up expenses.
Owners should consider if they can afford it, especially if they hired other people too. They can’t hire people and not afford to pay them. The owner might end up not gaining any income at all. But if they can deal with the expense, it is worth it.
Lack of Commitment
I’m not saying a property manager will not do a good job. But owners have to consider that some managers will not take care of the property the same way an owner will. It is not their property, and they might not commit to it as we want. Some managers will only do the bare minimum and will not go the extra mile to manage the rental. But these things can still change over time. The manager can still learn the value of the property.
Whether the owner decides to hire a property manager or not, it is essential they know the pros and cons. If they do not hire a property manager, you can still help them, am I right? A manager does the marketing, but you can do that too. By signing up for Padleads, you can gain access and post the property listings online. You can also syndicate those listings to other websites to reach more tenants. Get the property owners to check one thing off their list with this.