Are Property Managers Worth the Price?
Whether you need a property or not depends on how you value money over freedom and vice versa. It’s not easy to be a property manager. You’ll be carrying the burden of running the entire property all by yourself, in all its joys and sorrows. From finding tenants to processing their disclosure, this will all be your job. However, I don’t think the manual processes and paper works are what essentially make property management difficult. They are time consuming but they are not really that difficult. What really makes real estate management a challenging job is when you have to deal with tenants. They are the lifeblood of your business, but it’s inevitable sometimes that you clash with these people regarding some concerns. This is where your character is challenge. Do you think you think you have the heart to handle this? Are you patient enough to make it work? Whatever you answer to these questions will be the gauge of whether you need a real estate manager or not.
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Property managers will do the job you don’t want to do or are not capable of doing due to constraints, be it time, distance etc. Come to think of all the labor you have to do from advertisement, to finding new tenants, making appointments with your lawyer and possible clients, running to and from the bank, sending renters reminders of their monthly dues, dealing with whatever the tenants needs etc. It’s painful to have someone just crash into your house one weekend during you family time, trying to talk down about something. It’s eating up your time, privacy and patience. This can be an arduous job that can otherwise be done for you. If you value an added time freedom, you might as well get a real estate manager.
Your relationship with your tenant may not get sour at first, but when they miss payments and you impose fees, they will normally negotiate you to just waive the late payment. It’s a tough decision for if you refuse, they will take the refusal negatively. They might even see you an inconsiderate stern authority. On the other hand, if you actual pardon of the late payment, you’ll get them off yours shoulder and be happy for a bit, but it will likely to encourage the same behavior over the coming months and it will be painful on your part. Whatever you do, you’ll always get yourself tangled in a difficult situation. Whereas if you get a property manager, the tenants can’t really negotiate with him because he DOESN’T own the property, and that he’s only doing his job. Now if they refuse them, he’s just doing what he’s supposed to and they will have nothing against him. Property managers are also normally good at dealing with people. They have to be.
If you think you are skilled and patient enough to deal with people from all walks of life, if you have time to spare, if you don’t mind your privacy being violate at ungodly hours, if you think you have what it takes to be a real estate manager, then sure you can handle your properties yourself. If otherwise, just hire a property manager. I am not saying property managers are generally imperative to your business, but if you’re dealing with constrictions, you might want to reconsider.
The author owns and operates a successful property management company in Tampa, FL. He also is a very successful real estate investor purchasing more than 150 rental properties over the last 12 years and “novacancynow”.