When Does it Make Sense to Hire a Property Manager?
Whether your rental home is old or new, you might have wondered if it’s worth it to hire a property manager. In general, people tend to reserve property management services for what they think are more significant needs – apartment buildings or vacation rentals with high turnover.
The truth is that property managers can help make any process related to your rental unit more efficient and can generally take a load off your plate. We’ve listed the top reasons below if you’re wondering when it makes sense to hire a property manager. Let’s dive in!
When You Live Far Away From Your Rental Property
If your rental unit is out of town, out of province, or out of the country, hiring a property manager makes the most sense. Long-term tenants may have fewer needs than hosting an Airbnb-type short-term rental. But making sure your tenants have someone to call in the middle of the night when the water tank leaks is a must.
In many cases, property managers work to suit your needs. So, you can pinpoint the services that best fit your property. Not everyone needs a property manager to collect rent from twelve units. Some may need someone to manage the cleaning service that arrives in between vacation guests, and others simply need to be on standby in case of emergencies. Either way, it gives you the peace of mind that your home is taken care of.
When Your Time is More Valuable
There are two common truths to us all: we’d all prefer more time to ourselves, and we’d like to save money. Sometimes, these two needs conflict. It’s easy for us to admit when we’re busy, but we also know that while DIY projects may save us cash, they’ll take longer to complete.
Instead of evaluating whether you have the time to take on management tasks, as yourself this: how valuable is my time? Taking a value perspective on your time allows you to consider the most relevant factors when deciding.
If your schedule’s clear and you have no qualms about working on your rental, go for it. If you feel resentment building or concerns that you’ll be missing out on tasks that are more valuable of your time, it’s time to consider hiring someone to help with your property.
When There’s a Limit to What You’ll Deal With
The fact that anyone can own an investment property is great. It means that you don’t need to be a realtor, a contractor, or any housing position to be an excellent landlord. But just because you don’t have any expertise in home-owning doesn’t mean you won’t have to deal with problems when they arise.
Every property owner is different. Some outsource all their needs by calling the plumber or the electrician, while others are handy enough to fix issues themselves. Consider writing down the potential problems you may face and whether or not you’d choose someone else to help.
Many of us tend to omit planning for challenges, or as they say, we’ll cross the bridge when we get to it. By anticipating some potential issues, you could be saving valuable money and time.
When You Want Better Tenant Screening
Property managers are skilled at what they do, and they have a wealth of experience in your neighbourhood. That means they are knowledgeable about the kinds of tenants that may be interested in your rental unit.
That knowledge is useful in helping you understand what to expect as a landlord. For instance, a rental unit in a residential area with new families could help you provide features like laminate flooring for families with little children. This allows you to maintain your property and makes clean-up easier for your tenants.
Property managers also know what can and can’t be asked while screening tenants under B.C.’s Residential Tenancy Act. This can make your screening process run smoothly and efficiently.
When You Want to Reduce Tenant Turnover
Besides maintaining and managing repairs for your rental unit, property managers’ primary focus is on your tenants. They understand that tenants make your rental unit lucrative and keep your income or mortgage payment coming in.
With knowledge and experience in the rental market, property managers simply know how to keep tenants happy and greatly reduce tenant turnover. By being readily available for tenant needs or questions, they offer a level of customer service that provides reassurance.
Just remember that hiring a property manager isn’t an all-or-nothing affair. You’ll have to make the choice that’s right for you. Whatever your needs, property managers can be as involved or hands-off as you need. To check out the services Ronin Property Management offers, look at our services page.