For just about any property owner or investor, despite their personality, background, or other factors, the main motive for renting out their property is to create an extra income stream.
However, sometimes it’s easy to get so focused on the renting and money aspect and not thinking about what comes with being a property owner who also manages that property—versus an owner who hires a property manager to do it for them.
Doing It Yourself
There is absolutely no question that managing your own property is fully a job—and not in the conventional sense. For example, when one of your tenants has a full-on emergency at 4 in the morning, they are going to call and rely on you to fix it for them quickly.
In addition, you will likely deal with the occasional (or sometimes more-than-occasional) tenant who just doesn’t pay rent and may fight back when confronted about it. And although it’s not that common of occurrence, there’s always the risk of having to take a tenant to court in order to get paid the money owed to you.
Other responsibilities when handling your property yourself include the time taken to advertise to tenants, screen them, and handling of repairs and renovations for renters and in between renters.
Hiring a Property Manager
Some property owners may hesitate about paying someone to manage their property because of the cost. While that’s a valid concern, it’s also good to consider the amount of time that’s spent doing the tasks mentioned above. And ultimately, the propery owner has to consider the gains and losses of time versus money.
If you hire a property management company to handle the responsibilities of your property, you’ll be gaining an extra income stream without the management tasks, calls, and responsibilities that make property management a job. Sure, you’ll be making a little less because of the cost of paying the manager, but is the time saved worth it to you?
If your answer is yes, Rental Choice can help you find the right property management for you in your area.