Do I Need a Property Manager to Rent My Empty House?
The short answer is no, you don’t need to hire a Property Manager #propertymanager, but it might be the right move depending on your experience and goals. Of course, everybody wants to keep as much money as possible when making a business deal, but it behooves you to look at the whole picture before committing to a course of action. For many people, hiring a Property Manager is the right thing to do in their situation. What do you value the most, your time, the total amount of money you make, or your peace of mind? Add your experience level to the mix, and you have a few things to consider.
What are your goals? That is the first question you must ask yourself. Do you want to get some extra passive income #passiveincome or create a rental properties empire? Do you want to make some money from an inherited property #inheritance or build a nest egg that can help you retire? Will managing these properties be a full-time job for you, or do you want to spend as little time as possible taking care of the business? And remember, it is a business that comes full of benefits and responsibilities. Once you have a clear idea of your goals, you can consider the required work.
Your experience is crucial when deciding the next step. For example, can you manage multiple vendors at the same time? This ability will be needed when getting the property ready for rental or dealing with emergencies. Are you comfortable with record-keeping? Do you know what to consider when selecting new tenants #tenantqualifying or how to screen them? How familiar are you with landlord-tenant regulations in your area? Do you want to spend time learning about these topics? And finally, do you have a plan for when things go wrong, as they sometimes do?
Before you make your final decision, consider what a well-established property management company #propertymanagement brings into the equation—property showings, tenant qualifying, vendor management, contract management, accounting, and most importantly, tons of experience. Yes, all that knowledge comes at a cost to you, but it might be worth every penny, depending on your situation. Even if you intend to build a rental property empire, you can benefit from learning from a Property Manager during the first year or two. You might even discover that their services allow you to concentrate on acquiring more properties instead of managing them.
Hiring a property manager (or not), it’s entirely up to you. As long as you carefully consider your goals, needs, and experience, you’ll make the right decision. Good luck!
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