| Are Property Managers Worth the Cost?
Investing in a rental property can be an excellent way to generate income, but it requires substantial effort beyond the initial purchase. Finding suitable tenants, maintaining the property, and being a responsible landlord necessitate a lot of hard work and patience.
Hiring a professional property management firm can ease the burden of these tasks and allow you to focus on other aspects of your life. Property managers handle tedious tasks such as advertising for tenants, conducting viewings, interviewing and screening prospective tenants, drawing up legal leases, managing property access and keys, submitting bond payments, keeping up with regulations, processing rent payments, chasing late payments, performing inspections, writing up entry condition reports, maintaining tax and legal records, dealing with maintenance issues and complaints, preparing annual financial reports, and much more.
Having a third-party manager also provides a barrier that can be beneficial when increasing rent. Property management fees vary, but typically, you’ll pay a small percentage of your rent. Before hiring a property manager, it’s essential to do your research by looking at their experience, reviews, and whether you’re comfortable with them taking care of your property as if it were their own.
It’s crucial to consider whether you have the time, expertise, and inclination to manage the property yourself. Do you understand all the legal requirements? Are you okay with being on call 24/7 to handle issues? Are you comfortable confronting tenants over complaints or late payments? Even if you make some decisions, there will always be maintenance-related situations where only you can make the final call. However, once you’ve made the decision, your property manager can handle communication and execution with the tenant.
In short, a property manager is an invaluable asset for both you and your investment, saving you both time and money, and providing peace of mind. They take care of most of the hard work, allowing you to spend your time on other priorities. A great property manager makes investing in property much easier.
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