Top Four Reasons for Hiring a Property Manager
Top Four Reasons to Hire a Property Manager Explained :
Whether you’re a seasoned landlord or just getting started in real estate investment, the time comes in which you need to consider a property manager. This typically transpired due to the following:
- Not enough time to manage your rental property(ies)
- Systems not in place to manage repair needs
- Systems not in place to manage rent collection or evictions
- No understanding of how to screen tenants prior to lease signing
While technology can be used to leverage systems and time, landlords still need to understand the rules of engagement in being a landlord beforehand. So, let’s talk about how to understand the rules in order to leverage technology.
Rules of Landlording:
In order to be a landlord, there are a few basic systems to understand:
- How to screen tenants
- How to draft a lease
- How to collect rent
- How to conduct evictions in your state
- How to manage repairs
- When and what kind of notice is required for inspecting your rental property
While this particular blog post won’t get into detail into each of these systems, we will provide the best means to educate yourself on understanding where you can obtain information to setup your systems.
Recommended Books for Developing a Landlord System:
Simply stated, start with the following books as made for your State:
Nolo Landlording Law Book
Book on Managing Real Estate by Brandon Turner
The idea behind each of these is that Nolo will supply a landlord with State specific rules that every landlord needs to understand to follow.
Brandon Turner’s book will provide a landlord will the general systems that need to be considered before becoming a landlord.
Recommended Videos from Understanding Rent Collection to Tenant Screening:
These are some quality videos in developing Landlording systems:
At the end of the day, should you not have the time or interest in developing these systems…now is the time to look into professional property management. We can certainly assist with questions you may have regarding questions to ask a property manager before deciding on one to move forward with.
Regardless of whether you choose to self-manage or have a professional property manager, make sure you have a system in place that is sustainable. As I often say, “Buying a rental property is the easy start. Selling is only made easy based on what happens in-between the timeline.”