Debating whether or not you should invest into a property manager? Here are a few pros and cons to consider.
Pro: You get to handle everything
Handling all situations takes out the guess in guesswork. You are in the know for all issues, tasks, first hand. And you have or will gain the experience to know how to best handle situations.
Con: It leaves you with all the work
With “guess” taken out of guesswork, you are left with “work”. You will have to decide which tasks you will take on, and which ones you cannot handle and must spend time to find the appropriate people to handle them.
Pro: Find and Screen Tenants and Contractors Yourself
You are in control of who is renting or renovating your property. You will be more relieved knowing that you can trust these people that you have found or screened yourself.
Con: Loose efficiency and potential new business
You are left with many appointments that will be time consuming, especially if you do not live close to your properties. If you own multiple properties, it may be worth finding a property manager instead of running back and forth amongst your properties.
Pro: Have direct contact with tenants and contractors
Communicating directly with tenants and contractors helps to build rapport. It also gives you the opportunity get their feedback for steps in the process. You won’t have to interpret the word from your property manager, and this closer relationship makes it more likely for returning customers.
Property managers and property managements generally have better reach to a bigger audience for marketing your property. Without a property manager, you must invest the time and money into learning about how to best advertise your property.
Pro: Familiarity with the market
You will be able to stay up to date with the current market status, which prepares you to make any changes to marketing strategy or pricing very quickly, and you yourself will optimize your position in the market. This information may not be available or trickle down as quickly with a property manager.