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To hire or not to hire...a property manager?

Now that you have invested your hard-earned money into an investment property, you have a very important decision to make: to hire or not to hire a property management company. Well, it depends!

Start by answering these questions:

1. Do you work a full/part time job besides managing the property?

2. How far away is the property from your primary residence? Does it need frequent visits?

3. How much do you know about the tenant/landlord laws in your area?

4. Are you familiar with anti-discrimination laws, fair housing, eviction procedures etc?

5. Are you willing to take that phone call in the middle of the night and deal with the problem?

6. Is the property able to support paying for a property manager?

7. Is there a lot of deferred maintenance to be performed on the property?

8. How comfortable do you feel with performing all accounting functions and maintaining proper tax records?

9. On a scale from 1-10, how would you rate your people skills?

Managing a property can become a full time job quickly. Unless you feel 100% comfortable with all of the above or are willing to take spend the time learning it, it is probably a smart move to hire a property management company. Yes, that will cost you a little bit, but in the long run, it may just be the better option. I am sure every property manager can tell you from experience about countless situations where they dealt with irritated tenants, awful plumbing issues etc. It can quickly turn from a once a month issue to a daily occurrence.

I am not saying that you cannot do a great job, but the question is, is it worth it? There are people, like myself, who live and breath property management. This is what we do! Our entire reason for being is to take those day-to-day tasks off of your hands, improve your cash flow and give you the opportunity to enjoy life and not worry each and every day about your investment property.

If you have any questions, please feel free to contact my company, Commercial Capital Properties, and we can determine together whether a management company is a necessity or a recommendation for your particular situation.

Work smart, not hard!

...and keep investing...

Posted by Mina V Garrey - Commercial Capital Properties, Los Angeles, CA on 03/05/2008 10:56 AM

Comments (2)

property management company, hire, not hire, questions

2 Comments on To hire or not to hire...a property manager?

I think in the end it is better to hire a property manager who will look after...and understand the details that are required when things go wrong...anyone can do it...when things go right!

03/05/2008 11:04 AM

by Team DiMuria, Katy Texas Realtors (Prudential Gary Greene Realtors)

I agree with you, Team DiMuria. I think it is smarter to hire a property manager, however some people believe that they can do it themselves, so I figured I'd make them aware of some of the things they should be familiar with before taking on the responsibility.

Thank you for the comment!

03/05/2008 11:17 AM

by Mina V Garrey - Commercial Capital Properties, Los Angeles, CA (Commercial Capital Properties)

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