The role of the secretary is to relieve their bosses off of loads by fixing and organizing their schedules and meeting for the day. Same goes true with a property manager. Though a property manager would not fix your schedule and meetings for you, a reliable manager would be able to do much more for your rental properties. But is hiring one really necessary?
When should you hire a property manager?
You own numerous properties
The more properties you own, the harder it is to manage. This criterion alone calls for the help of a property manager. With more units to handle, a professional helping hand would be a great addition to your team.
You live far from your rentals
Property rentals are more than just closing a deal, reminds an expert from Realpropertymanagementportland.com. It also requires regular maintenance and management. Therefore, hiring a property manager who would be able to handle issues in your properties 24/7, without requiring you to be physically present is definitely a good deal.
You can afford it
A property manager typically collects 5%-10% of the rental revenue. This is a huge amount of a rental property business that is not yet fully earning. So before deciding to hire a property manager, manage your profits and see if you can afford to hire one.
You don’t have the time
You might have the money, but if you don’t have the time to manage the property first hand because you are more focused on your day job, or is looking for other property investment, then property managers would be the best solution to your problem.
You don’t have the right skills
You might have the skills in investing in the right properties but do not have the eye for renting out units to the right people, thus resulting in your business’ loss. Hiring a property manager can be seen as a solution as they have the knowledge, skills, and abilities fit for managing your property.
Considering to find one? Rental property management companies in Portland can help you in managing your business.