One of the most difficult business dilemmas is whether to pay for a task you know you can do. Even though you can save some money by doing it yourself it is important to ask what you are giving up to do so. This is a popular question with rental property owners. Rental property management is something almost anyone can do but not necessarily do well. Regardless if you have one single family rental or a large portfolio you need to strongly consider property management. Not only does property management save you time but it has an auxiliary impact on other areas of your business. Instead of worrying about a tenant or chasing rent checks you can focus on more important items.
The detractors of property management argue that you may be throwing away money every month. The roughly 10% fee directly eats into your cash flow and makes the rental less appealing. Another deterrent is the lack of knowledge and control you give up with a property manager. Many landlords feel they would rather work with the tenants than with a property manager. As with anything in business you need to weigh the positives against the negatives. In the case of property management paying the monthly fee is worth not having to deal with everything a rental property entails on a monthly basis. Here are four main reasons you should hire a property manager.
Regardless of your cash flow level you should strongly consider a property manager. You can’t put a price on piece of mind or your time.
Read original article here: https://www.cthomesllc.com/2017/06/4-reasons-hire-property-manager/