Filling Vacancies
Finding long-term tenants remains the most difficult task of property owners, whether they have a property manager or not. The task is time-consuming, and the longer it extends, the more potential rental income you lose. We’ve described how to locate ideal tenants, something property managers are adept at. Most property management companies have more access to property listing publications, and they often show the properties—which relieves you from scheduling dozens of appointments. Property managers do, however, have less of a motivation to fill the property, so depending on whom you hire, s/he could be less proactive in this initial, important step.
Tenant Relationships
Property managers often serve as the face of the property to your tenants. They collect rent and are first to address issues and concerns. If you’ve hired a personable, attentive manager, this works to your favor: they can maintain excellent relationships, which often equates to long-term renters. This will additionally free up your time, so in the case of emergencies like floods, broken appliances, and noisy neighbors, your property manager will first receive the 3am call, rather than you. If the manager, though, is less responsive than your tenants need, it’s likely you’ll regularly experience vacancies.
Repairs
Property managers generally handle repairs and bill you separately. If you live far away from your property, this can be essential. If you’re close, though, and generally adept with small fixes like leaky faucets and blown fuses, you can save a lot on handling these repairs yourself.
Income
Income seems like the main factor when deciding whether or not to hire a property manager, but the previous details should really direct your decision. If it comes down to a question of convenience, income certainly comes into play. A property manager will usually receive half of the deposit for signing a lease and around 10% of the monthly rent. That compensation may seem more than fair, considering the services they provide. If you can feasibly manage the property yourself, though, the decision will ultimately depend on your expectations for income and financial needs.
