If you’re like many homeowners, you’re wondering, Should I hire a property manager? For most people, the answer is yes – and here’s why.
Should I Hire a Property Manager?
Managing a rental property can be a full-time job – and if you have other obligations (or more than one property), you know how important it is to outsource some of the work so you don’t drown in day-to-day property operations.
You should consider hiring a property manager if:
- Managing your own property isn’t your full-time job (and you don’t want it to become your full-time job)
- You have multiple rental units or properties
- You live far from your rental property
- You’re not a fan of hands-on management
- You don’t have much spare time
- You don’t want to be an employer by hiring workers to handle day-to-day operations for you
- The property you own is part of an affordable housing program
Here’s a closer look at each.
Related: What is property management?
Reason #1 to Hire a Property Manager: Managing Your Own Property Isn’t Your Full-Time Job
Screening tenants, running background checks, collecting rents and coordinating repairs can take up a lot of your valuable time. For most people, these things take up too much time. Sometimes managing your own property seems simple at first; then, tenants start calling for repairs, someone is late with rent and a property becomes vacant. If you have other obligations, you’ll run yourself ragged – and in this case, it makes sense to hire a property manager that handles a wide range of services.
Reason #2 to Hire a Property Manager: You Own Multiple Rental Units or Properties
The more rental units or properties you own, the more complex managing them becomes. For most people with multiple properties, the only solution is to work with a management company to handle all tenant-facing aspects of the business.
Related: How to find renters for your house in Boston
Reason #3 to Hire a Property Manager: You Live Far From Your Rental Property
It’s tough to manage a rental property if you’re too far to visit the house or commercial space frequently. Going out there becomes a chore – especially if you need to make frequent trips – so you may need to work with a local property management company that’s in the area. Your property manager can handle the many tasks that would be too difficult for you to coordinate (such as letting in repair technicians and maintenance people, doing tenant walk-throughs and giving tours) from a distance.
Reason #4 to Hire a Property Manager: You Don’t Want to Deal With Hands-On Management
If you own your rental property as an investment, you probably don’t want to have to do a lot of hands-on work to maintain it. When you don’t want to screen tenants, coordinate repairs and collect rent yourself, it’s time to call a property manager for help.
Reason #5 to Hire a Property Manager: You Don’t Have Much Spare Time
Time you spend dealing with your rental property is valuable – and there comes a point (usually sooner than later) that running the property and meeting your tenants’ needs becomes more intensive than it’s worth. In that case, it’s best for you to use a property management company that will free up your time for your other obligations.
Related: How to do background checks on potential tenants
Reason #6 to Hire a Property Manager: You Don’t Want to Become an Employer
Some properties need a resident manager or other workers, such as maintenance staff – but if you don’t want to become an employer, handle payroll and deal with local, state and federal employment laws, a property management company is the right solution for you. You won’t have to worry about any of these things because your property management company will handle them all for you.
Reason #7 to Hire a Property Manager: The Property You Own is Part of an Affordable Housing Program
The laws that apply to affordable housing programs can be incredibly complex – and in order to keep your property in these types of programs, you must remain in compliance at all times. In cases like these, it’s best to work with a property management company that will handle everything for you (and keep you on the right side of the law).
Are You Thinking About Hiring a Property Manager for Your Home, Condo or Commercial Building in Boston?
If you’re not sure whether you should hire a property manager, you’re always welcome to call us with your questions. We’re available at 617-262-3075. If it’s easier, you can fill out the form below. We’ll be happy to answer your questions, explain what types of services we provide, and help take away the stress of owning a property so all you have to do is kick back and wait for your rent payments to come in.