Why Use a property Manager?

Managers - Why Use a property Manager?

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I have talked with many investors who have sold all of their properties and moved their money into other asset classes such as stocks or bonds because they think rental properties are way too big of a headache. The scenario is always the same. They made the decision to invest their money, they heard rental properties were good money makers, they purchase a few properties, and then try to manage them on their own.

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Pretty soon they are burned out from dealing with tenants. After a few bad experiences and a lot of phone calls from renters, they decree that rental asset is way too big of a headache and they sell out. I have heard this at least a handful of times and every time I hear this I always ask "Why didn't you let a asset supervision company handle your properties?".

Most of the time I get a response of "well they charge way too much". In truth, most asset supervision fellowships charge in the middle of 8-10% of gross rent collected for residential properties and 3-5% for commercial. This is a small fee to pay for what you get.

There is a distinction in the middle of a asset employer and a asset supervision company. When you hire a asset employer you are hiring an employee. You will have to pay them a wage and pay payroll taxes on them. When you hire a asset supervision company you are simply outsourcing the supervision to a company. They are not an "employee" of yours.

In most cases I lean towards hiring a company instead of taking on an employee. If you only own a few properties you will definitely only hire a company because you won't have enough income to keep an employee's salary. At some point, if you get big enough, it may be in your best interest to hire a man either full-time or part-time.

Here's the benefits of hiring a asset supervision company when you first start purchasing rentals.

A expert asset supervision company knows the law for landlords and will make sure you are doing all things legal A expert asset supervision company will know how to most effectively shop your properties to achieve a low vacancy rate They will also know how to get the most rent out of a asset since they know the market They will have a network of contractors to get the best rates for repairs and maintenance on your properties You can learn from their wealth of knowledge and experience from dealing with rentals

You may decree to manage the properties yourself. Many population do. If that's what you like and you have the time, there's honestly nothing wrong with that. But don't forget you can learn a lot from working with a expert company.

You will want to get references before picking which company to go with. Also, make sure they have their real estate license. You also want a company who specializes in your type of property. For example, you won't pick the same company for a commercial asset as you would a singular house home.

The bottom line is if you want to be an investor or do you want to be a landlord. Personally, I don't want to be a landlord so I use asset managers.

Happy investing!

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