Should You Hire a Property Manager?
Having a professional property manager to deal with your rental can be a great idea if you are too busy or live far away from your rental property.
Primarily, you should make sure that your property manager has the relevant State license and is located within driving distance from your rental property (note: a real estate agent license is not enough).
Next, ask the property manager for references and do your due diligence. You want to make sure that your manager is going to market your listing effectively and is capable and responsible enough to respond to your tenant’s concerns in a timely manner. Fees for a property manager can vary widely—sometimes the monthly fees are as low as 6% of monthly rent and can go as high as 12%. Additionally, some property managers will charge an additional fee for finding and screening tenants. Most property managers will provide you with a monthly statement of your rental income and expenses, ideally with photos of receipts of any repairs that were needed. Compare the prices of various managers, and select one you trust that also suits your financial needs.
Remember that when looking for a property manager, you want to find someone with ample experience and knowledge of local and State laws. If a property manager violates the law, the owner might still be held responsible. For example, if the property manager does not repair a dangerous condition or if they discriminate against a potential renter applicant, the owner might still have legal obligations despite having a hired property manager.
- What Laws Should You Comply With as a Landlord?
- How Do You Find and Select a Real Estate Lawyer?
- Can You Be a Part-Time Landlord?
- What Are the Responsibilities of a Property Manager?
- Should You Get to Know the Neighbors Before Renting Your Property?
- Should You Furnish Your Rental?
- Should You Note the Furniture Condition Before Renting?