Hiring a property manager comes with extra fees and you can save some money by taking care of your investment by yourself. However, it is the only option for landlords who cannot maximize returns from their investments managing the properties by themselves. Here are some key tips on how to know whether it is the right time to hire a real estate manager to take over the management of your investment.
When You Have Many Properties
It is easy and convenient to manage your properties by yourself when you are just a beginner investor, you own one or two properties, and you do not have other commitments. In that case, you can spare some time and look after your investment and the welfare of your tenants. However, it becomes very difficult to manage your investments effectively by yourself if you have many properties. In that case, you need to hire a real estate manager to help if at all you want to maximize your rental income.
When You Live Far From Your Properties
When you live near your property, you can spare some free time to look after your investment and the welfare of your tenants. However, this becomes difficult in a situation where you live far from your investments and you have to drive long hours to check your investments. In that case, it is important and the right time to hire a reliable real estate manager to take care of the investment on your behalf if you want to satisfy your tenants and maximize rental income returns from your investments.
When You Have a Tight Schedule
Property management is a time-consuming undertaking and you need to have adequate time to take care of your properties, respond to the needs of your tenants and make sure they are comfortable. However, it becomes very hard to respond to the needs of your tenants if you have other commitments. In a situation where you have a very tight schedule and you do not have time to take care of your investment, the only way you can maximize your rental income is by hiring a real estate manager to help you.
If You Do Not Have Adequate Skills and Experience
Sometimes a landlord may choose not to hire a professional real estate manager to save on management fees. However, in a situation where you are not conversant with property management matters in the area where you have acquired a property, the only way you can maximize returns from your investment is by hiring a real estate manager to take care of the investment on your behalf.
When You Have Acquired a Property in a Regulated Investment
Sometimes you may buy a property in a regulated investment scheme where there are strict laws governing tenancy matters. For instance, in a situation where you have acquired a rental property in an affordable housing scheme, it may be difficult to manage that property by yourself without getting into trouble with the local authorities if you decide to rent it out. The only way you can be safe is by hiring a property manager who understands the local market to take care of the investment on your behalf.