Hiring a property manager can be a smart decision for a landlord, no matter the size of their operations. A property manager handles most aspects of day-to-day oversight of the property, including marketing available properties, interviewing tenants, collecting rent, responding to maintenance requests and more. This can be a huge benefit to landlords, depending on their individual ability and situation.
Landlords who hope to grow their real estate investment business will want to put as much time and effort as possible into finding new properties and managing their portfolios. It is harder to do this for landlords who are also managing all aspects of their existing properties as well. For expansion to happen, hiring one or more property managers is almost inevitable. A property manager is also a good investment for landlords who are at the point where they own multiple properties, especially if some of those properties are complexes that require on-site management.
Location constraints might also be an issue that causes landlords to hire a property manager. Landlords with multiple properties in different areas or landlords who do not live near the properties they own may not be able to handle certain issues remotely. A property manager that is nearby or even on-site can be invaluable because they see and handle issues in real time. It is important to remember that even if a manager is making decisions on behalf of the property owner the owner always has final say.
Another good reason to hire a property manager is to avoid legal problems. Landlords must adhere to the relevant laws that govern landlord-tenant relations in their state. These laws can be complicated and it can be easy to make bad decisions, especially in the heat of the moment. Property managers are familiar with the laws themselves as well as have access to attorneys specializing in landlord-tenant law. They are in a better position to make decisions, draft documents and interact with tenants on behalf of a landlord that will not open the door for legal trouble.
As with any business decision, landlords should consider the cost of hiring a property manager against the convenience and benefits of having one. Nearby property management companies can be contacted for quotes or more information. Owners should weigh the decision carefully to make the best choice for their individual situation.