Do you need a Property Manager to Rent your Home?
If you are planning on renting your investment property, you are faced with the decision of renting the property yourself or hiring a professional. How do you know if you need to hire a professional property manager? The following are a few items to consider when deciding what management option best fits your needs.
First, if you are considering managing the property yourself, it is important to be realistic about your knowledge of real estate and the rental market. Whether you are a first time or veteran investor, many people make the mistake of thinking they have enough expertise to forgo the expense of a property manager, and are soon overwhelmed with management responsibilities. Management isn’t as simple as collecting rent at the beginning of each month. Residential property managers are also responsible for services such as advertising, screening applicants, understanding the costs of routine maintenance issues, arranging for repairs and evictions.
Secondly, ask yourself if you have the time to manage a property. This is especially relevant to individuals who are employed during the day. Regular day jobs typically make you unavailable to your tenants for at least eight hours each day. A professional property manager is available to tenants twenty four hours a day, during regular work hours, at night, or on the weekends. They will also most likely have faster and more convenient access to resources for emergency maintenance situations.
Finally, consider the geographic location of your rental property. While it may be in the same city or town, if your property isn’t located where you spend most of your time, a property manager may be a better option. They will be able to more effectively manage your property, especially in a long distance capacity. They will also be able to check up on the property more frequently than you might be able, or willing to in your spare time.
Other management responsibilities to consider include handling complaints about tenants, filing appropriate paper work for evictions, property maintenance, and maintaining positive tenant relations. Harland Property Management, the preferred choice for property management in San Diego, helps individuals through the management process from finding a qualified tenant to property inspections after the tenant has moved out. For more information, call us today at 858-367-0343.