Did you know that the global property management segment was worth $17.69 billion last year?
According to Fortune Business Insights, the market is expected to reach $19.33 billion this year and skyrocket to a whopping $37.25 billion by 2029. So, property managers are being kept busy.
Do you need a property manager? Perhaps you have one or more investment properties and haven’t seriously considered hiring a service provider to keep an eye on and take care of your assets. Focusing on how property managers can help will reveal the benefits of outsourcing.
Keep reading for five reasons to hire a property manager if you own an investment property.
1. You Can’t be Two Places at Once
One reason to hire a property manager is if you’re not situated close to your investment property. It’s hard to stay on top of things if you’re not nearby. But retaining the services of a reputable property manager means you’ll always have eyes on your property and feet on the ground. If tenants have issues, they won’t have to wait for you to travel to the property, bring in contractors, and arrange whatever work needs to be done. You can leave that up to the property manager, and the service provider will keep you in the loop so you know what’s happening.
2. You Don’t Want to do Everything Yourself
Do you wish to handle rent collection, book repair and maintenance appointments, screen tenants, handle tenant queries, or do other things that are on the administrative end? Hiring a property manager makes sense if you don’t wish to be hands-on with the above. You can assign as many responsibilities to the service provider as you wish. Are there some duties you want to do yourself? Fine. Simply outsource what you don’t want to do. Outsourcing also means you can be a passive property owner if you’d rather not be involved in the day-to-day responsibilities. You’ll still be in control since the property manager will ultimately report to you.
3. You Want to Abide by the Law
Another reason it makes sense to hire a property manager is for legal reasons. A property manager will ensure you’re not violating property laws and housing regulations at the federal, state, or local levels. You don’t want to encounter lawsuits simply because you weren’t aware of a specific law. You can avoid these issues if you hire a property management firm. You can ask questions and get feedback, which will make you all the wiser about applicable regulations.
4. You Want to Avoid Unnecessary Vacancies
When you have vacancies, you’re losing money. You’ll want to minimize the amount of time your units are unoccupied. One of the things a property manager will do is advertise your property. They will know where to market your property and develop advertising materials that increase the odds of your units being filled sooner rather than later with quality tenants. Hire a property manager if you’d rather not have to handle this complex process yourself.
5. You Have Other Things on Your Plate
If you have other things on the go and want to be free to pursue them, you’ll want to consider hiring a property manager. You’ll be able to pursue other investment opportunities or do whatever else you want while a property manager handles the day-to-day operations. Again, you can assign as many responsibilities as you’re comfortable outsourcing.
Owning investment properties is a major undertaking fraught with challenges. One way you can simplify things considerably is by retaining the services of a property manager. Do your homework to ensure you hire a service provider that is reputable and experienced. When you find the right company to work with, you’ll see that owning real estate is a little less complicated.