Is it time to hire a property manager? Here’s how you can know what you should do.
Being a landlord is a lot more complicated than buying a rental property, welcoming in tenants, and getting a passive income. It is arguable that no income is truly passive, even if you have done all the work beforehand. If you know anything about being a landlord, you will know that it can be a full-time job, especially if you are managing multiple properties. There is a way to get help apart from contractors to service the building and landscaping: hiring a property manager. The question is, “Why should you hire a property manager?”
You Aren’t Local to Your Rental Property
If you are actively managing the property and its tenants, it is best to be local to your rental property so you can see it in person and talk with tenants face-to-face, especially when screening tenants. Lawful in-person management is always best. If you live far away from your rental property, it’s best to hire a local property manager to care for it.
You Aren’t Great at Specific Property Management Tasks
If you know that you aren’t naturally great at certain tasks, such as bookkeeping, dealing with tenants, or organization in general, then it could be in your best interest and your tenants’ to hire a professional property manager. It is not impossible to improve your skills; however, it is okay to let a property manager handle some things for you that aren’t your forte.
You Aren’t Certain about Landlord-Tenant Laws
There are different landlord-tenant laws you should know. For example, there are rules regarding a landlord’s ability to visit a tenancy to protect the tenant from privacy and property intrusion. If you want to make sure that you are following all property management laws, a trustworthy property manager can help you out.
You Need to Hire Out to Have More Downtime
If you are competently managing everything yourself, but you have multiple properties or other pressing responsibilities, you might find yourself feeling pressed for time and having a harder time getting a break. If you are starting to feel like you can’t keep managing things by yourself, it’s time to search for the right property manager, who will take a small percentage of your rental income for their services.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.