If you?re in the property game and feeling a little overwhelmed by the workload but is it time to hire a property manager or can you still do it alone? Use the following guidelines to determine if you?re ready to hire a property manager.
Are You Falling Behind
Are you falling behind with your day to day tasks? Think beyond your properties but in your regular life as well, you don?t want to make too many sacrifices or nothing will be done correctly. If you?re consistently putting things off because you don?t have the time then maybe it is time to hire a property manager.
Where do you Live
If you don?t live in the same area as your property you may have a very difficult time staying on top of tenant complaints and routine maintenance and it is more difficult to interview prospective tenants. You may want to think about hiring a full or a part time property manager in this case.
What Does the Property Require
Some properties are fairly hands off and don?t require a lot of maintenance and the tenants are a dream. Other properties are money pits, requiring constant upkeep and they house tenants who are always finding problems. And most properties fall somewhere in between. If your property and tenants require more time than you?re able to give then a property manager may be able to help.
Are you in Over your Head
If this is your first foray into property management then you may feel as though you don?t know how to deal with everything, an experienced property manager can help you learn the ropes and make sure you?re doing the best job you can.