Why hire a property manager?
Increased Number of Properties – Managing one property is one thing. Managing two or more properties is something else.
- –Increased workload.
- –Intentional portfolio growth.
Time/Cost Benefit – Property management is a 24/7 job.
- –Do you want to get calls in the middle of the night?
- –Is my day job pay higher than what I can make as a landlord?
- –Relocation for a temporary or permanent move.
- –Portfolio spread. The right properties don’t always appear in the community close to you.
Knowing your highest and best use right from the start
- –Steep learning curve – lots of moving parts you’re not familiar with.
- –Errors are potentially costly – vacancy rates, lawsuits, bad vendors.
- –Consider the timeless adage – 50% of something is better than 100% of nothing.
- In this case, 90% of optimized rent is better than 100% of reduced or no rent.
Roles of a Good Property Manager