When A Landlord Should Hire A Property Management Team

As a landlord, you are constantly faced with major decisions. Tenant selection is a big one, as the wrong choice could result in property damage, property abandonment, or even the need to file eviction paperwork to get a non-paying tenant off the premises. Of course, this is only one example of the types of decisions that today’s landlords face. One major decision that every landlord is faced with at one point or another is whether or not to hire a property management team. How do you know if this is the right choice for you?

One thing to consider is how many properties you have. If you are managing a large number of rental units, marketing, repairing, maintaining, and renting them all can be overwhelming. Forget a necessary act of maintenance, and you could end up with fines and penalties or you could end up with a damaged apartment. The more units you have, the more likely it is that a property management team is right for you.

You may also wish to consider hiring a property management team if you live far from your rental units or spend a portion of the year out of state. People who travel frequently for business or who are often unable to respond in a timely manner to requests from tenants are also among those who benefit most from a property management team.

If you do not enjoy providing repairs or if you do not want to be the person who screens potential tenants, a property management team will be able to handle this for you. These teams are often very skilled at seeking out tenants with a strong rental history and an excellent credit background. While some landlords prefer to choose their own tenants, many others prefer to use a management team to handle the job for them.

Last, you will want to consider a property management team if the cost of hiring them is worthwhile compared to the time and cost of handling all of the management duties yourself. It may be cheaper to screen tenants, advertise apartments, and hire repair experts yourself, but the time requirements can be significant. Many property management companies have excellent relationships with contractors and plumbers and other repair professionals that might actually save you enough money to make a profit by using their services, depending on the number of units you have and the maintenance and repairs needed. Ultimately the decision is up to you, but it is definitely something every landlord should at least consider.

By: Ken Boutilier

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Ken Boutilier is an Atlantic Canadian based real estate investor, trainer, speaker, consultant and entrepreneur who has combined his knowledge of real estate investing and Internet marketing to train and teach others how to increase their cash flow through successful real estate investing. Learn more at Real Wealth Atlantic.