You own a rental property and you’re trying to decide whether to hire a property manager or not? If you choose to manage your property yourself, here are a few points to consider:
1. You will need to do extensive research on how much rent your property will bring in it’s area.
2. You will need to find ways and resources to market your rental property
3. You will need means to screen potential tenants
4. You will likely need to have a lawyer look over your lease agreement, to make sure it is legally sound.
5. You will need to collect the rent each month
6. If problems arise with your tenants, you will need to handle them in an appropriate and timely way.
7. You will need to maintain your property as things break, or hire someone to do it. Again, timeliness is crucial.
8. Upon turnover of your rental, you will need to make sure that a move out inspection is completed and that the rental is clean and ready for the next tenants.
Of course these are not all the issues you will deal with as a landlord, but the essentials of properly managing a rental property can take a lot of time and money. If you are unable to make the time commitment or if you don’t have the resources to complete all of the tasks above, you may want to consider hiring a property management company to help you!