Should I Hire a Licensed Property Manager
There are a number of things you should consider when making the decision whether or not to hire a property manager for a residential or commercial investment property you own.
- How much time do you have?
- Have you managed investment property in the past?
- How many investment properties/units do you own?
- Do you live close to your investment properties?
Managing investment property can take up a significant amount of your time, and it requires specialized knowledge – of rules, industry standards and legislation. Not all investment property owners will have the time or the experience to manage their own properties successfully. Please consider the four questions above and then consider how hiring a property manager could possibly benefit you.
A licensed property manager can:
- Find suitable tenants
- Properly draft lease agreements
- Provide flexibility and convenience if you live far away from your rental property
- Regularly inspect the property
- Collect rents
- Maintain the property
- Deal with nuisance tenants
As a property owner, you’ll need to negotiate the specific tasks that a property manager will handle on your behalf and you’ll need to discuss compensation. Just like the specific tasks to be performed, the compensation you’ll pay to a property manager is also negotiable.