Do you need a property manager?
In today’s age, where time and convenience are gold, is being your own property manager worth it?
Let’s take a closer look at why you should hire a property manager in Tacoma, Wa. This post highlights a few points that you can use to come to an informed decision.
1. Do I have sufficient experience and knowledge to manage my property?
All too often, first-time investors try to do it all themselves. Before they know it, they’re overworked, overwhelmed, and hit with a lot of unforeseen costs, from collecting rent to taking care of the property, and in some cases—going through the eviction process. At the end of the day, your success in managing your rentals depends on your knowledge and experience in the field.
It’s not recommended to do a trial-and-error run on your property. It’s already a big investment and hiring a property manager gives you the chance to learn from professionals.
2. Do I have the time?
Being your own property manager leads to both financial gain and complete exhaustion. Seeing the monthly rent in your bank account is gratifying, but think about all the time and effort it takes to find tenants and maintain the property. Property management demands a lot of your time, and it can often be similar to a full-time job.
If your schedule is flexible enough, you may be up for the demands of the tenants and the property. However, if this isn’t your day job, you may want to consider hiring a property manager.
3. Do I know how and where to find good tenants?
Finding the best tenant for your property takes a lot of time. You will need to make sure that your ads capture the charm of your property. Hitting the mark involves, among other things, advertising, thorough screening, filtering, and creating a solid lease agreement.
Would you know where to start in the first place?
Assuming you get past the advertising stage and find potential tenants, do you know what it takes to be a great renter? You should be looking for people who pay their rent on time, are responsible, take care of your property, and are easy to get along with.
The tenant screening process can be costly, tiresome, and time-consuming if you are not familiar with it. The chances of making the wrong choices are high, which can lead to various problems with the tenant down the road.
A property manager knows how to market your property and screen potentials tenants to find ones that best suit your property.
4. Are you willing to trust someone else to grow your investment?
Before you use your investment as a rental property, you need to obtain licenses, draft leases, negotiate and sign, and your property must comply with certain laws. If this is an area that you are not familiar with, trust that property managers will take care of all this time-consuming and sometimes complicated paperwork. They will make sure that you, as a landlord, are compliant and help you avoid any large penalties and fees.
Property managers can maintain and grow your investment by ensuring that tenants deposit rent to your account, your renters are happy, and the property is legally compliant and well-maintained.
5. How fast can you respond to an emergency?
Managing a property is a 24/7 job. There are many different issues that you might need to focus on.
Are you prepared to respond immediately in case of a tenant emergency?
Every property suffers from wear and tear, especially if people live in it. Hiring a property manager to respond to your tenants’ needs means you don’t have to do it yourself. This professional will handle maintenance issues for you, from minor repairs to preventative work.
Your property manager will handle complaints and requests promptly and minimize or avoid any issues, thus protecting your long-term investment in the property.
6. Can you deal with tenants?
Responding to tenant requests is one of the most demanding and time-consuming parts of owning a rental property. Tenants often expect a lot from their landlords. The key to keeping renters in your property for a long time is providing them with quick and efficient customer service.
Are you ready to face these demands on a daily basis, at any time of the day?
If not, consider that property managers respond promptly to any maintenance requests, whether daily or emergency.
It’s vital that your tenants are happy if you want them to keep renewing their lease to spare you costly vacancies. Keeping renters satisfied also results in positive word of mouth, which is essential in this day and age.
7. How much will it cost you?
Now that you’ve considered all of the above, the next question is: can you afford to hire a property manager?
Different companies charge varying fees and offer different services. They will consider the size of your property and the services you need to determine their rate.
Keep in mind that property management is not the place to cut corners. In the long run, property management companies can save you time, money, headaches, and keep you away from the demanding and stressful job of property management.
It’s a property manager’s job to be ready and available to take care of problems as they arise and communicate with tenants to make sure they’re satisfied. Customer satisfaction is critical in this business. Happy tenants tend to become long-term renters and be more receptive to reasonable rent increases and other property needs.
It’s crucial that you do your research and know what services you need to find a firm you like. The right property management company ensures transparency and uses the latest tools and technologies to perform its tasks professionally and efficiently.