When you own a property, it is natural to hire a property manager from in and around that area, based on reputation or recommendation. This will save you a lot of time and effort when it comes to a number of property-related issues in the long run. However, do you need one? Are you having doubts about signing a contract with a property manager?
Here are the only 9 times you may not require a professional to manage your property:
- You Live In The Same Building
If you live in the same building; you can attend to issues immediately. If there is a plumbing issue or any other small repair, you can always get your handyman to do the job. Since you won’t have to run around collecting rent, or show the property to prospective tenants, etc., you can handle the property management on your own.
- You Have Only One Tenant
If you have only one tenant, the complaints and issues to handle will be fewer and only occasional. Also, collecting the rent and handling paperwork will be easy. Paying a professional property manager to handle just one tenant or one property may not be necessary, provided you are close by and have the time to spend taking care of things on your own.
- You Have Time
If you don’t have a very demanding or full-time job and can spare a few minutes on a regular basis to keep an eye on your property, you can handle it on your own. If you have the flexibility to attend to your property needs as, and when they arise or can call the required handymen to attend to the complaints, you don’t need another middleman to do this.
- You Charge Low Rent
If you are charging a low rent, you can tell your tenant not to expect much. Chances are, with low rent, you have enough takers for your property, which will not complain or demand much. Properties where rentals and maintenance are high require a round-the-clock service, as the tenants expect and pay for. When you don’t charge much, you can ask your tenant to get the pipes fixed on their own or find a person as and when needed.
- Your Property Is In A prime Area
If your property is in a prime area and you charge a low rent, you will have more takers than other surrounding properties. They will be happy to get their hands on a house in such a prime area for low rent. They may not demand much, and even if they are unhappy and vacate, you will be able to fill up the place immediately. Also, finding handymen will be easy; prime areas have regular garbage pickups, minimal electricity, and water-related issues.
- You Know People
If you are a contractor yourself or have worked with a few, the chances are that you know people from in and around the area. When you have the right contacts to help you maintain your property, you can do it yourself rather than investing in a professional property manager. Also, personal contacts will offer you better deals when you assure them of regular business and go only to them regularly.
- Income And Expenses Don’t Tally
Make a comparison between the rent you receive from your property and the money required to hire a professional property manager. If you will spend more on maintaining the property than what you earn from it, you need to take a call about your investment. Spending more by hiring a professional to do the work you can handle with a little extra effort may not be the best financial decision for you.
- You Have A Commercial Property
If you have a commercial property, you can lease it to a company for a long period. Many companies that have multiple offices or branches will have tie-ups with property management companies. They will employ one company to manage all their properties. If this is the case, you don’t have to invest in one. You just need to check the property and get damages fixed when the company vacates. Checking on your property from time to time will suffice. Big companies take extra care to ensure their offices are well maintained, as they need to maintain their reputation among their clients. Hence your worry about your property is minimized.
- You Are Leasing Out To A Big Player
If you have a residential building and are leasing out the entire property to a big player, you don’t need a separate property manager. These big players in the market have a fully equipped team to take care of all property-related issues. All you need to do is sign a contract with them and hand over the keys. Ensure your contracts cover damages to the building and wear and tear-related expenses. This way, even if they don’t maintain the property well, you can take care of it without shelling out of your pocket.
Conclusion
If you have a property in a prime area like Queens, a professional Queens property management company can be a wise decision. The scenarios as mentioned earlier are not very common. If these don’t apply to you, hiring a professional company to manage your company can be a worthy decision.