A major decision for many real estate investors and landlords is when to hire a property manager. Many clients ask us, when should we hire you to manage our investment property or properties? After working with several real estate investors over the years, we have learned that it depends on several factors and your appetite for dealing with maintenance issues, rent collection, evictions, showings, and keeping up with Fair Housing, state and local regulations to name a few.
If you are going back and forth about whether or not you should hire a property manager, then here are several questions you should ask yourself before you make a decision.
Will you enjoy managing your rental property(s)?
A good place to start is to think about if you will enjoy managing your rental property, dealing with maintenance, and working with tenants. How do you value your time? If you enjoy doing handyman and home maintenance, then maybe managing a property or two is right for you. Do you enjoy showing property on the weekends and evenings? Prospective tenants normally need to look at properties on weekends and after work in the evenings.
Do you have the extra time?
A lot of the clients have hired us because they don’t have the time to maintain their property and tenant relationships. The inconvenient maintenance calls and property showings are a couple of the biggest complaints DIY landlords have. A few of the landlord responsibilities are: building maintenance, financial management, working with insurance companies, and consulting with attorneys to address legal issues.
Do you want to grow your rental property portfolio?
A property manager can be a great partner if you want to acquire more rental properties. We have access to off-market deals, turnkey investment properties, and investment property owners that want to sell a tenant occupied property. We have worked with several real estate investors over the years to help them purchase single-family investment properties with tenants in place, so you have rental income Day 1.
Do you want to deal with rent collection and accounting?
While most property managers are not CPAs, nor are we, but a property manager can simplify rent collection and owner statements. We have an owner portal, so you can review reports and owner statements. The owner portal also allows the owner to review income, expenses, and maintenance requests.
Are you aware of Landlord-Tenant Laws and Fair Housing?
Legal should be a top priority. Most good property managers should leverage the best legal counsel to make sure you are protected against a claim. We help you avoid lawsuits with an attorney drafted lease, by keeping your property up-to-date and in compliance with not only Fair Housing laws, but also local and state regulations.
Do you have reliable vendors and contractors that can handle issues on short notice?
We have a long standing relationship with our vendors and contractors to make sure we take care of maintenance issues fast and at a competitive price. We have a 24-hour emergency service that takes tenant phone calls and organizes things like heating, plumbing, or electrical issues. We use technology to make sure tenants can send maintenance requests online in a fast efficient manner.
A good property manager does more than just collect rents and deal with maintenance issues. Distinctive Flats is there to provide advice and guidance, so your property appreciates in value while we manage your property. We do several inspections throughout the year for preventive maintenance issues, as well as advice on property upgrades to protect and enhance your rental income, but also increase the value of your investment property. Bottom line, some landlords are fine managing a rental property or two, but others want peace of mind and freedom from the hassles of being a landlord. There are solutions and we are here to help.