Should I Hire A Property Manager?

Choosing a property manager depends on various factors, including investment scenarios and personal preferences. For many condo investors, managing properties and tenant relationships can be straightforward, especially with the assistance of a competent rental realtor. Unlike leasing the property, condos typically require minimal maintenance and upkeep from the landlord’s perspective. However, hiring a property manager could be an excellent solution if you are a busy professional who prefers a completely hands-off approach. The typical rate for property management services is around 10% of the gross monthly rent.

For investors who own multi-family properties, the situation can be significantly different. Managing multi-family properties demands considerable time, energy, and resources. While some investors enjoy being hands-on, this approach can lead to a substantial time commitment, potentially limiting other investment opportunities. As the number of units and properties in your portfolio grows, it becomes more practical to consider the benefits of hiring a professional property management company. This decision can allow you to take advantage of economies of scale and ensure your portfolio runs passively, freeing up your time to focus on expanding you investments or other endeavours.

Hiring a property manager can provide peace of mind, professional expertise, and efficient handling of tenant issues, maintenance, and legal compliance. This professional support can be particularly beneficial for investors with large portfolios or those looking to maximize their investment returns without the day-to-day responsibilities of property management. By carefully evaluating your investment goals, time availability, and the complexity of your properties, you can decide whether hiring a property manager is the right choice for you.

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