You’ve purchased an investment property. You’ve gone through all of the rigmarole of securing the mortgage loan and closing on the property. You’ve fixed up what you needed to and you’re ready to rent the place out. But there’s something that you need to ask yourself first. Are you going to manage the property yourself or do you want to hire a property manager to do it for you?
Here are some signs that you should hire a property manager:
- You live in another city. Someone who can take care of problems needs to be available to the tenants.
- You’re comfortable with delegating. If you’re not, it’s going to be difficult for you to trust a property manager.
- You plan to invest in other properties. If you’re primarily a property investor, you probably don’t have the time to manage your real estate yourself.
- The law requires it. Some states require there to be a manger living on the property if more than a certain number of tenants live there. Check the laws.
Ultimately, you need to decide whether or not you want to be involved in the daily activities of your tenants. If you want to see maintenance concerns for yourself, you like getting the rent check put right into your hand and / or you live on the property then you don?t need to hire a property manager. Otherwise, you might want to think about relieving the burden and getting someone to do that work for you.