Should I use a property manager?

In the past I have received emails from property owners that have had some pretty nasty things to say about property managers. If you look at the NARPM website and look at what they teach at their conferences you will see that they really emphasis a “Code of Ethics”.

This gives me the impression that this association understands the problem that a few bad property managers can give the whole industry a bad name.

If you are trying to figure out if your property will be in better hands with a property manager than your own, consider the following:

• How many properties do you have? If you just have one and it is in good shape and you have the time to maintain it yourself then managing it yourself is the best approach for saving you money.
• Does your day job have you traveling a lot? If so, then showing your property might be hard to do while you are out of town. In this case you might consider a property manager.
• Are you ok with getting a call in the middle of the night from a tenant that tells you the furnace has gone out and it is freezing in the house? If not you might consider either a property manager or have a good list of service professionals you can call on.
• Don’t have an idea what rent to charge? Property managers typically have a very good idea of the rental market and can not only price your rent appropriately, but they can set a budget of expenses and income to set the rent to make a profit. They can also give you reports on how well your investment is going.
• Are you ok with evicting someone or an entire family out on the street in the middle of the winter? Besides keeping track of the tenant rental payments, property managers typically understand rental law pretty well and know how to properly evict someone.

Do you feel confident that you can pick a good property manager? Property managers wear many hats, picking one that is pretty good at all the tasks required and is honest and trustworthy might take some time.

Personality of the property manager is important when figuring out which one to go this. Not everyone gets along with others, make sure you pick one where you have a good relationship.