Having a property manager help manage your property is a smart decision for most property owners, but you might have some questions as to whether or not you need to hire a property manager or not. There are some key things that you need to look at when making this decision and we will cover them in this article. So read on if you have a property in Orange County and are thinking of hiring a property management company to look after your property.
We are a property management company based in Orange County so if you decide that you need a property manager and are located in Orange County then consider taking a look at what we have to offer.
Here are some key questions you can ask to determine if you need know do I need a property manager?
- Is your property close to your current home?
Having to drive 45 minutes just to collect rent or sort out any maintenance issues you might have with your property is not ideal. The farther away you live from your rental property, the more difficult it is to manage effectively. This becomes more of an issue if you have multiple properties that are all spread out across town. So having a property manager that is close by to your properties will save you lots of money on gas and make the management of that property much easier.
Do you lack experience in managing properties?
When it comes to managing your property/properties experience plays a very important role. Without the needed experience you are going to run into problems. You might take on a bad tenant and have continuous issues with them paying on time. You might have your property standing empty for a very long time waiting for a new tenant, which is bad for your cash flow. Property managers often have years of experience under them and they will be able to effectively manage your property with minimal issues.
Is hiring a property manager within your budget?
Hiring a property manager does come with some costs so before you make the decision to hire one, you need to take a look at your finances. Property managers will typically charge a fee of about 4% and 10% of the monthly gross income of the property. So if you are able to afford that and still have enough money left over then a property manager might be a great investment for you. Especially if you are living far away from your rental property.
How well do you deal with tenants?
Tenants for the most part are good, but every now and then you get a nightmare tenant with a new excuse as to why their rent payment is late every single month. You might not have the time and the patience to deal with the potential hassles of problematic tenants. Property managers will be able to take on this responsibility and make sure you receive your rent on time each month. We run a property management orange county, so you can reach us if you need anything answered.
These are four of the most important questions you can ask yourself when you decide if you need to hire a property manager or not. So answer them and then evaluate whether or not you need to hire a property manager. If you decide to hire a manager consider taking a look at what we have to offer, we are based here in Orange County.