If you are a landlord, you may already have a property manager; alternatively, if you are new to this, you may need to think about hiring someone. Before you do this, you need to make sure you are hiring the right person for the job. Here we have put together a number of different factors that you need to consider.
According to the Guardian, the number of buy-to-let mortgages has fallen as the market works out how to deal with new regulations and tax implications; however, this does not mean that there are no new buy-to-let landlords out there or existing ones who might be considering whether to use a property management company.
Control, time and money
If you are planning to use someone else to look after your property, you must be happy for them to be in control of your investment and accept that they may make mistakes for which you could potentially be liable.
Hiring someone to manage your property needs to be affordable, as there will be a monthly fee and an additional fee for finding a tenant. If you choose not to use a property manager, you need to make sure you have the time to do everything yourself to a high standard. If this is not possible due to other commitments, it is worth hiring a property manager.
You need to think about whether you live near your property. The further away you live, the more useful it is to have a property manager. If you have more than one property, it may also be beneficial to use a property manager.
If you have little experience in property management, using an experienced property manager will be the best decision. You may want to see whether the company you are using has a CRM for property management system from a provider such as propertydeck.com/ so that they can keep track of all their clients, properties and tenants. You also need to think about how you will feel dealing with tenants and some of the stress this can cause if you decide to self-manage.
You should now be in a position to decide whether using a property manager is the right course of action for you.