photo credit: epicharmus
Many people who own investment property are looking at ways to cut corners now that the value of homes is on the decline in many parts of the nation. Some of these property owners are looking at getting rid of their property managers and taking over their duties themselves. Before you make this type of move, you should know that having a property manager could actually add much-needed value to your real estate.
The property manager plays a really important role for the person who owns multiple properties. Time is money even in these financially strapped times. Consider what you think your time is worth and whether it really makes sense to fire your property managers and take on those additional tasks. The amount of time that you have to put in to deal with tenants is probably not going to be worth the money that you will save.
More importantly, it is often the case that you can charge more for rental properties that are managed by a great on-site property manager than you could if you were handling all of the management yourself. That is due in part to the fact that the property manager can stay on top of all of the little things at the property. Nice details like cleanliness, landscaping and maintenance of on-site appliances help boost the value of the property as a rental. Additionally, the property manager can develop a rapport with potential tenants that will make them feel safe and secure and willing to pay that extra buck.
And the reality is that having a property manager on site will actually keep the property safer. Problems with vandalism and other on-site crime will be reduced. This means that you’ll be saving money that you didn’t realize you might have to spend if you fired your property manager. That’s something to consider before you determine that this is a good place to start slashing your budget.