Should I Hire A Property Manager?
As a first time investor there are more than likely a ton of questions you may have regarding your investments. One of the main questions we hear is: Should I hire a property manager? As with anything, there are pros and cons of hiring property managers. In this post we will try and outline the major considerations to help you make an educated decision when it comes to your investments.
1. Is the Property in a different Town?
When you do not live in the same area as your investment it can be quite difficult to really manage the property on your own. Even with technology that makes this easier than in the past it still can be quite a task.
2. Are You Planning on Building a Portfolio?
Managing properties can be very time consuming, and once you start to build your investment portfolio managing multiple properties easily becomes a full-time job.
3. Is Your Property Going to be in an Affordable Housing Program?
There are many programs out there where you receive benefits by renting your property to lower income tenants. In order to receive these benefits you have to comply with the program guidelines. While this can get pretty confusing, a property manager versed with these guidelines would make sure to keep the property in compliance.
Now there are times when it makes more sense to not have a property manager. I will say that property managers are not the cheapest route when it comes to managing your investment property. So if you only have a few properties, have the time and the resources to devote, and cannot afford to lose any cash flow on your investment. Then a property manager may not suit your investment strategy. When it comes to investment real estate there are a ton of different variables that come into play at all different times. It can get confusing and just when you think you have it all figured out, another objection comes up. With the Art of Real Estate in your corner, we are here to save you the headache and hassle that comes with investing in real estate. We have over 25 years of combined experience, and want nothing more than to make it easier and to educate you through the process. Do you have additional questions not covered above? We’d love to hear from you and help you strategize the next steps in your investment business.