Let’s face it. Turning your home into a rental property is not as easy as putting a sign in your yard, and hope potential tenants come. There’s a lot of legal processes you’ll have to take and to add in all of that you need a massive commitment on your time and effort.
If you consider yourself as a hands-on-landlord and willing to face the responsibilities, it makes sense to take the do-it-yourself approach.
However, if you’d rather have someone else to do the job, hiring a property manager to handle your investment might be the best for you.
Yes, hiring a property manager can be expensive, but they are also beneficial.
Take your time and research several companies carefully. An excellent property manager can make you profit in an instant and make you to never go back on managing rentals on your own.
What is Property Manager?
Typically, a property manager is responsible for interacting with tenants, when you can’t attend or is not interested in doing so. They’ll market and advertise your rentals, meet with prospects, collect rent, deposit money to your bank account, and coordinate repair issues.
Property managers also handle tenant complaints and the legal process of pursuing evictions.
When Should I Hire a Property Manager?
Not every rental need a property manager. Although it can be expensive, for the right landlord, they can be worth the money.
Below we listed eight things to consider to help you determine if hiring a property manager is the best option for you.
number of Rental Properties
Owning one rental property is stressful enough, imagine having five, it’ll be hellish. You’ll have more complaints, maintenance issues, and vacancies you’ll have to deal with.
You’re more likely to benefit if you hire a property manager.
Location of your Rental Property
If your rental property is located far away from where you live, the harder it is to manage. It will harder for you to find tenants, response to their complaints, and even make sure to collect the rent on time.
And take into consideration the cost of commuting in order to get to the property. In a situation like this, hiring a good property manager can make you save money.
Interest In Managing Your Property
If you want to invest in a rental, but don’t know how to manage a property properly or you want no part in handling it, hiring a property manager is best for you.
Mistakes for a property investor who is just starting out such as being accused of discrimination or not getting the heat fix in time can cost a lot of money in your investment.
Keep it in mind that managing a property takes time. If you have a full-time job and feels like you cannot give the attention it needs, hiring a good property will help you with the success of your investment.
can you Afford it?
Before you hire a property manager, you need to know how much they cost for you to see if you can afford it. Typically, they charge between 4% to 10% of the monthly income of your property.
For example, your monthly property income is about $1000 and a management fee of 10%; you have to pay the manager for $100. Some will also charge for finding a tenant, which is a bonus for finding a tenant.
Struggling to Fill Vacancies
If you’re rental is always vacant, consider hiring a property manager. A good property manager is skilled at finding and screening a tenant. They have trusted repairman that is cost-effective to handle issues.
A property manager is familiar with marketing techniques that can attract clients faster.
If You Don’t Want to be an Employer
If you’re managing your own rental, you are responsible for hiring professionals to maintain the property. You’ll need to handle their payroll and other legal requirements.
However, if you want to avoid the hassle of being an employer, hire a property manager. They have their employees to fix the issues and maintain the home.
Part of an Affordable Housing Program
The laws can vary depending on the location. Many states are complicated and require you to have certification and take some classes.
If you’re in an affordable housing program, a property manager will check on you and will ensure that you don’t break the rules. However, as the homeowner, you’re still accountable if your property manager gets into a legal problem.
Generally, investing in a rental can increase your monthly profit, but property management isn’t for everyone. If you want to have a little part and responsibility on all the details of your real estate investment, hiring a property manager is the best option for you.
So, if you’re looking for a property manager, below is a comprehensive list that will help you manage your Kingstowne rental.
We’ve taken the time to list ten plumbing services near the Kingstowne Virginia area. Check our list below.
Property management companies
Professional Property Management of Northern VA
Phone number: 703-642-3010
Phone number: 703-385-3600
real property management pros
Phone number: 703-997-0059
Feel free to give me a call at 703-539-2053 or email [email protected] if you have any questions about your rental property.
About the Author: The above article was written by Abraham Walker, Your Northern Virginia Real Estate Agent, helping clients market their homes to achieve high sales with a quick closing time is my main priority. He’s the co-founder of Ask A Walker and can be found on YouTube, Facebook, and HERE on this blog.
I help people sell and buy real estate in the following Northern Virginia area cities & neighborhoods: Kingstowne, Island Creek, Cameron Station, Overlook, Alexandria, Old Town, Belle Haven, Fort Hunt, Mount Vernon, Springfield, West Springfield, Burke, Lorton, Woodbridge, Lake Ridge, Manassas, Annandale, Fairfax, Arlington, McLean, Reston, Herndon and of course Vienna.
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