Should I rent my investment home on my own or hire a propery manager?

Asked by Rookie Investor, Maricopa, AZ Thu Apr 16, 2009

I want to know the advantages and disadvantages of hiring a property manager

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Answers

8
Bill Ayotte, , Fleming Island, FL
Thu Apr 16, 2009
My recomendation is to hire a property management company. Do your research first and find out which management offices in your area provide the best service for your dollar. If you are not familiar with tenant law and real estate law, you are better off for your own protection hiring a property manager. The process is usually simple and should riquire minimal effort on your part. Feel free to contact me anytime if you would like additional information.
1 vote
Azrentalhome…, , Phoenix, AZ
Tue Dec 8, 2009
I'd be happy to discuss the pros of hiring a professional manager. I am a manager so obviously I am biased however given that you are new to investing, I suggest at least letting a manager handle the unit for the first year so that you learn from the manager.

aaron@westwoodpm.com
http://www.AZRentalHomes.com
Web Reference:  http://www.azrentalhomes.com
0 votes
Jordan Muela, , Austin, TX
Tue Nov 10, 2009
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.
0 votes
Steven Ransom, , 48209
Mon Sep 7, 2009
Benefits of Hiring a Property Manager

As a landlord or property owner, there are many benefits to hiring a property manager. Not only are property managers highly knowledgeable about the real estate industry, they will be able to handle all the administrative functions and staff supervision necessary to run a smooth business.
0 votes
Rookie Inves…, Home Buyer, Maricopa, AZ
Fri Apr 17, 2009
So everybody talk about research the property managment agency, how should I start my research?
0 votes
Rashel M. Be…, Agent, Glendale, AZ
Fri Apr 17, 2009
If you choose to use a management company, please do a lot of research on the company. There are a lot of companies out there that nickle and dime you to death and also treat your tenants badly, which reflects poorly on you as well. There are some very large names out there that are well know, but are in hot water with the Arizona Department of Real Estate.
0 votes
Voices Member, , Benton County, OR
Thu Apr 16, 2009
You might consider that if your decision is to use a professional manager, then it is your responsibility as the investor to make SURE you are hiring a professional. Consider it a learning experience and spend time learning who the professionals are. It's all part of it, there is also a lot to be said positive about "hands on"
experience. You'll have to decide based on your circumstances, experience, abilities, ect. which we know nothing about.

Dunes
0 votes
Carlos Ramir…, Agent, Mesa, AZ
Thu Apr 16, 2009
Rookie Investor,

I believe that your choosen name says it all. If you are not familiar with the job, you should hire a professional. At least until you are more familiar with the process, rules, expectations, etc...

The advantages are many, mostly it will be peace of mind that everything is being done correctly. There are many laws and many rules that you need to follow, not doing so could be very costly. The only disadvantage I can think of is that you need to pay for it. But hiring an expert is usually money well spent. Especially on cases where a mistake can be very costly.

Good luck and congratulations on getting started as an invetor.

Carlos
ABR - Accredited Buyer Representative
http://www.SmartAZRealty.com
.
Web Reference:  http://www.SmartAZRealty.com
0 votes
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