There's no rule that says you have to put the running of your investment property in the hands of another. However, there's no denying that hiring a property manager to look after your investment can be a huge help.
The following are three reasons why you may want to consider the services of a property manager.
Collecting rent, responding to tenants, keeping up with maintenance and repairs - these are just a few of the time-consuming tasks that come with owning an investment property. Unless property investment is your full-time job, chances are you won't have the time (or energy) to keep up with these responsibilities properly, especially if you own multiple homes.
A property manager can handle the day-to-day obligations on your behalf, freeing you up to live your life instead of worrying about your four walls and a roof. That alone can be worth the cost of hiring a property manager.
You may have done a ton of research before buying a property, but that doesn't mean you're an expert on the local market, nor does it mean you know the ins and outs of tenancy laws in your region.
By hiring a knowledgeable and experienced property manager, you can rest easy knowing you have someone in your corner who can steer you and your investment down the right and lawful path.
Hiring a property manager comes with its own expenses, yes, but it can also create an opportunity to make more money.
By having someone who will always be on top of caring for your property, as well as someone who can find and filter tenants on your behalf, you will cut down on the possibility of your home sitting empty.
After all, a home with no tenants is one that doesn't bring in any income.
Should I engage the service of a Property Manager:
The following advice is of a general nature only and intended as a broad guide. The advice should not be regarded as legal, financial or real estate advice. You should make your own inquiries and obtain independent professional advice tailored to your specific circumstances before making any legal, financial or real estate decisions.