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Jordan Muela
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- 6 Blog posts
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ManageMyProperty.com was launched to make it easier for every property owner to find property management companies.
Property owners want to be able to ... show more
Property owners want to be able to ... show more
Jordan Muela answered:
It really depends on your situation. Here are some questions to ask youself:
How far do you live from the property? - The further the more difficult it is to give it the attention it deserves.
How many properties do you own? - The more you own the more difficult they can become to manage
How profitable is the unit? - If you are doing your best managing it and are taking a loss then there is not likely to be room for management fees unless they company you hire is able to turn the situation around.
How well do you deal with stress, are you a tolerant person? - Dealing with tenants can take alot of patience, especially if you find out after the fact you rented to a difficult tenant, or if you are not thick skinned.
Do you have any experience with the skill required for landlording? - If you happen to have experience with accounting, law, maintenance/repairs, etc. you will have a leg up. If you are clueless and/or turned off by these things it may be a good idea to consider outsourcing.
The most important question is who are you considering hiring. You need to make sure that you know what to look for and what questions to ask. Make sure to interview AT LEAST three companies before hiring. Other wise you have know relative basis for comparing their answers.
View the web reference I have listed for a complete guide to hiring property management companies.
How far do you live from the property? - The further the more difficult it is to give it the attention it deserves.
How many properties do you own? - The more you own the more difficult they can become to manage
How profitable is the unit? - If you are doing your best managing it and are taking a loss then there is not likely to be room for management fees unless they company you hire is able to turn the situation around.
How well do you deal with stress, are you a tolerant person? - Dealing with tenants can take alot of patience, especially if you find out after the fact you rented to a difficult tenant, or if you are not thick skinned.
Do you have any experience with the skill required for landlording? - If you happen to have experience with accounting, law, maintenance/repairs, etc. you will have a leg up. If you are clueless and/or turned off by these things it may be a good idea to consider outsourcing.
The most important question is who are you considering hiring. You need to make sure that you know what to look for and what questions to ask. Make sure to interview AT LEAST three companies before hiring. Other wise you have know relative basis for comparing their answers.
View the web reference I have listed for a complete guide to hiring property management companies.
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MVPs or 'Most Valuable Players' are key Trulia Voices members who have been contributing high-quality content throughout 2008 and providing valuable advice to consumers and real estate professionals.
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Founding members are a small number of participants who submitted content at launch of Trulia Voices to kick off community discussions.
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