When Do You Need A Property Manager?
If you are looking into buying homes for rent or even renting them already, you may be wondering if you need a property manager. There is no definitive answer or magic number of properties that you need to own in order to bother looking into property management Holly Springs NC. Deciding on whether or not to hire property management is quite possibly one of the important decisions that you can make as a landlord as property managers can either make or break your reputation with present and future tenants.
Reasons To Hire A Property Management Company
You don’t live near some of your property. While it’s one thing to rent a house down the street from where you live, it’s something entirely different when you are renting a few hours away or even in another state. This is where property management could help out by making it so you don’t have to go all the way to the other properties.
You have multiple properties. Sure, renting out a couple units in a duplex might not be the most difficult thing to do by yourself, but things start getting complicated after a few properties. While you may think you have everything in control, things can go wrong rather quickly and you need to be prepared to handle it. All it takes is one lost rent check or a misplaced service slip for repairs and you have authorities on your case.
You want to take a hands-off approach. Sure, you own all these properties, but that doesn’t mean you want to hang out with the people that you are renting to. If you are this type of person, you view your purchase as an investment and nothing more. This is why a property manager would be great in this case, they do all of the communicating with tenants and discuss problems that they can’t solve with you. Basically, you want nothing more to do with your property rather than purchasing it and receiving money.
Your properties accept vouchers or are subsidized. These types of rentals can get very complicated and have an extra set of rules attached to how they must be run since you are being paid with government funds. If you fail to follow these rules on your subsidized housing, you could disqualify yourself for these programs and miss out on a large amount of money because of it. It’s best to hire property management who are aware of these rules and can help guide you through the process so things don’t get messed up. In addition, your property must be able to meet certain safety and health codes at every single inspection. These codes are more strict than with unsubsidized housing.
It can be difficult to find a good property management company. You must do a considerable amount of research to make sure you are going with the right choice. Don’t be afraid to ask questions so you know exactly how they operate and if you’ll make a good team together.