Whether you have been a landlord for years, or you’re just getting started, you may have asked yourself “Should I hire a Carlsbad property manager or keep doing this myself?” It’s a big decision. While a Carlsbad property manager is not always necessary, they can be well worth the cost in many situations. You’ll want to ask yourself some of the following questions before you land on a yes or a no.
Some services that a property management company can provide can be beneficial to a busy landlord, especially if you find your hands full dealing with the day-to-day business concerns of running your properties. A Carlsbad property manager will help to list and market your properties, screen and select prospective tenants, take care of rent collection, handle tenant complaints, and address maintenance issues.
Carlsbad property managers can access a large network of prospective tenants and outside services and often bring a lot of extra skills and experience to work for you. They can go a long way towards transforming your real-estate investment experience from frustrating and time consuming to hands off and pleasant. If this is something that interests you, ask yourself some of the following questions and think seriously about whether the services of a property manager are right for you.
Where do you live?
If you don’t live far from your properties, it may not be too challenging to put out the small fires that can pop up on a daily or weekly basis. You won’t have to drive far to respond to emergencies or tenant complaints. However, if you live far from your investment, it may make sense to hire someone local to get on top of issues quickly and be available to look over the property. Distance makes it harder to keep an eye on your property, take care of tenant concerns and problems, and can even make collecting rent a challenge. Hiring a property manager to take care of this for you may be the best decision you make this year.
How many properties do you own?
If managing a single property can be challenging, things will only get harder as you increase your investments. Renting more properties or units means dealing with more vacancies and higher turnover, and more properties mean more maintenance issues.
If you have multiple properties spread across even a fairly small area, the amount of time you’ll spend traveling to a from your properties can quickly add up. A Carlsbad property management company can handle these issues and free you to focus on the bigger picture and your long-term plans.
Do you the time to manage your investment property?
If you have a full-time job or other significant commitments, and being a landlord is not the focus of your day, you may start to feel overwhelmed with everything that property management can require. You may be disinterested in hands-on property management and merely want to see some extra money in the bank. If you’re looking at your rental properties as a hands-off investment and have little interest in dealing personally with your tenants or their concerns, then a property management company can help you maintain the appropriate distance.
Can you afford it?
Another critical question is whether or not a property management company is affordable for you. Always consult your budget, but a property management company may be cheaper than you think. A Carlsbad property manager will typically charge from 5 to 10 percent of the monthly gross income of the property. If you are renting a single property and don’t make much profit, this may not be worth the expense. If you are managing several units in one or more buildings, or multiple properties around a larger area, or have inherited a paid-off property, you may find that a seasoned property manager fits into your budget more easily.
The Unexpected
You may also encounter run into unexpected events that make considering a property management company worthwhile. You may suddenly find yourself flooded with outside work from your career or tenant issues as you grow your investment. You may realize that you need help dealing with a special housing program or a legal or regulatory question. You may decide that you are not well suited to dealing with people issues or that you no longer want to address tenant issues personally. You may get busy in another area of your life, or run into financial or marketing trouble in your real-estate investments. Whatever might come out of the blue for you, a property management company can be there to help you deal with the issues that can and do arise as a regular part of real estate investing.
An effective property manager will take on the day to day management of your properties. They will handle tenant screening, placement, and complaints. They can manage the collection of rent and follow up on late payments. They can deal with maintenance problems and tenant complaints quickly. If you have multiple properties or live far from your investments, a property manager can help you to deliver consistent service to your tenants without requiring you to travel and overcome the challenges of long-distance management.
You may be wondering how to make the skills and resources of a property management company work for you. Take the first step by downloading our free guide to selecting the best local property management company. Simply enter your name and an email address, and you can be on your way to investment success and leased properties that are earning you money. Learn more about choosing a property management company here.
