The most tough thing is life is to hire someone for a job you do. I guess so. In my experience I have two jibs that I gave up that was a hardest part.
One of was to hire a furniture supplier. I loved my job. I had been a furniture supplier for 10 years. I had to give up when I hurt my back. After that I jump onto contractor job. After that I have entered in real estate investment and note investing business. So, it is no longer made sense for me being in that trade.
The second one was property manager. I had been a property manager at a real estate company. Later that company merged with another real estate company. The new merger had already a rental department so they did not allow their agents to do property management.
When this happened the rules changed, I have to find a property management company for my clients then. They were investors with multiple properties. At this point I had to find property manager for my own rental properties. I have entered into the note investment and because of that I had not enough time to do it by myself.
Fortunately, I met a couple who was reliable and was in this job from couple of years, so, I met an experienced couple who used to manage my property management. I knew the wife from a long time. When I was new in this business once I met her. She has very good experience in property management. She was one of the top real estate broker. She was also a lawyer at the district court that was a plus for me. She dealt with the tenants and their complaints as well. The couple was having a good reputation around the town. She was a political member also. So, lots of benefits I could enjoy. I quickly hired them as my property managers.
Here the 6 Best Advantages of Hiring a Property Manager.
It is not expensive all the time. Hiring a property manager is much affordable. I also never thought of it but it is a fact. When I hired a couple as my property manager they saved lot of tome of mine. They are reasonable. They give you time saving and money saving factors. So, outsourcing could be the best decision.
- They offered great 24hour call service.
They offered you 24/7 call service. In any case of emergency, they are just a call away. They offered you full time emergency services like plumbing, heating, electric problems. If you are having a busy life then this is the best service you can have. They will handle everything and give you best services you can have. This is best for daily the people who have busy daily routine.
- They Maintain Records.
The most important factor is they keep and all the records. They track and maintain everything like rents, repairs, all the expenses that occurred, track of all the utilities, all the expenses covered by contractors. This would give you a complete and easy information to scrutinize. You have to just hand over the records to your accountant and enjoy the best year ending.
- Representative in court.
As I am having a busy schedule. At the same time, I have a hearing in court. It is not possible for me to do both things at the same time. I have some important meeting to attend. And at the same time the court hearing is important as well. So, at this point they can represent me in court. They deal with the legal formalities. This is an ease for me. I can run my business and they deal with the court.
- They are compliant.
They emphasis on compliance which is very appreciate able thing. They pay keen attention to drawing up leases and screening tenants. They screen for things like eviction record, criminal background, credit history, credit histories and laws. They emphasis on the compliance. They pay full attention on licensing requirements, local ordinances and rules and regulation of the state. They stay up-to-date with every new ordinance or law.
- They Handle my Presence where Needed.
They are not just representatives but also meet the requirements of several inspectors of town. So, the thing is they not only do property management and hiring tenants, they do lots of related work which saves my time. There are lot of formalities which I have to complete for my new tenants and I am unable to reach there because of busy schedule. They use to manage all my deeds and low down my work load and it saves lots of time.
If you have multiple properties to manage then the disadvantages could be the cost and control.
If you have multiple properties then the biggest disadvantage could be the cost cutting. It would be difficult to manage then.
If you hire a property manager then most probably you lose the control over all the matters regarding your property.