How do you know if you really need a Property Manager?
The following is a list of 10 questions that can help you decide if you really need a Property Manager:
1. Do you have time to show and manage your property?
2. Do you have a network of professional repair/maintenance personnel?
3. Are you available in case of an emergency?
4. Do you have access to credit reports and criminal background screening?
5. Do you know what to look for on a tenant application?
6. Do you know your rights if your tenant does not pay the rent?
7. Do you know, understand, and follow The Fair Housing Act?
8. Do you know what your tenant’s rights are?
9. Do you know the strict laws governing tenant security deposits?
10. Do you know what to do if the tenant moves out before the lease expires?
Keep in mind that there is much more to consider than what we have covered in these initial 10 questions. However, if you were able to confidently answer “yes” to all of the above questions then chances are pretty good that you don’t need a Property Manager.
If you answered “no” to any or all of the questions, you may very well be exposing you and your home to unnecessary risk, extra vacancies, lost revenue, and legal complications.
Sometimes potential clients think they can’t afford to hire a Property Manager. Our position often is that you can’t afford not to. Most of the time, one month of vacancy approximates an entire year’s expense for a Property Manager.