It is undoubtedly one of the first questions that pop into mind when buying rental property for the first time. Becoming a property owner comes with many expenses and responsibilities to consider, even before getting your hands on the keys. And once you gain full ownership, the real struggle begins.
From the tedious paperwork, accounting, the constant maintenance, an extensive list of payments, knowing the local landlord-tenant laws, and dealing with tenants, there’s a lot of work that comes with managing your property; and soon you’ll notice that getting it right can become a full-time job; because it is!
Can I live without a property manager?
We believe that when you put your mind on something, the possibilities are limitless! So if you want to, you can be your own property manager, but if you have never done it before, and don’t plan on making it your new job, you should know it is a full-time responsibility. Also, the process of learning and mastering any discipline or skill takes time and can be frustrating. While you learn to manage your property the right way, it could be dropping its value instead of raising, or it may be needing maintenance or better tenants.
What’s the risk of not having a property manager?
Every rental home needs a property manager. You have to decide whether it will be you or someone else. For most investment property owners, property management companies can be lifesavers. Your property is an investment meant to raise its value through time and improvements. That should happen even if you’re not living there but renting it. Strange as it sounds, the costs for not occupying a property sometimes are higher than actually using it; You still have to pay a mortgage and taxes, but also you need to keep it clean, the water running, and the garden cared to mention a few. You can easily get overwhelmed with a host of unexpected costs.
So, do I need to hire a property manager?
Yes. As you’ve probably figured out by now, the task can be overwhelming. You may think that doing it all by yourself will save you some money, but think about all the time, expenses, calls, and formalities needed. We can’t stress enough that finding a good tenant is one of the hardest things to do! Even if your property is a top one. And if you own more than one property, then the struggle multiplies! Excellent property managers will bring their experience to the table, making it easier to find qualified tenants, providing detailed financials (which are a lifesaver at tax time!), and solve problems.
Having someone taking care of all the obligations and tasks means free time for you and the tranquility of having a dedicated expert dealing with everything. A good management company has the experience to carry out routine maintenance, fulfill bureaucratic obligations, and find the right renter for your property, amongst other benefits. Yes, it may represent a significant cost, but it’s worth it compared to what you could lose.
We recommend finding a property management company that understands your needs and goals; someone who will always listen to you and capable of being there when needed, especially in a situation of urgency. How to choose it? Do some scouting, search reviews, talk to a company with enough experience, a good reputation, and, most importantly, understand your investment. Here’s a guide that will show you how to choose a good property management company.
If you’re looking for a property manager in the Atlanta area, that’s what we do, and no one does it better. Find out for yourself why we are Atlanta’s best choice for Realtors and Real Estate Investors.