There are many excellent reasons to hire a professional property manager, and today we are sharing the 3 most important reasons not to manage a rental property on your own, and to consider hiring a professional property management company in Carlsbad.
Saving Time and Stress
Managing real estate takes a lot of time and is a hassle. The process of managing rental property includes qualifying tenants, processing applications, typing lease agreements, performing move in inspections and handling maintenance – which is a whole separate category. It takes a lot of time you could be spending doing the things you love to do. So you have to ask yourself what your time is worth.
Management Fees Are Reasonable
When you’re thinking about how much your time is worth, remember that the cost of property management is pretty reasonable, especially when you consider all the services and protection that comes with it. A lot of good management companies have a reasonable fee structure that is only a very small percentage of the monthly rent. That equates to between $100 and $200 per month, depending on the rent you charge.
Protection Against Risk
Finally, bad things happen to good people. There are plenty of individuals who will take advantage of you as a landlord. In our industry, we call them professional tenants. They’ll have a false credit report and provide you with a phone number for a previous landlord that is actually a friend of theirs who provides an outstanding rental reference. You have to watch out for these people, and when you are managing on your own, you’re probably not equipped to deal with these people and weed them out. Property managers have tools and resources that allow for a thorough tenant screening.
If you have any questions about hiring a professional property manager, please contact us at Real Property Management.