For many HOAs and condos, hiring a property manager is an excellent option and comes with many benefits. For any property owner thinking about hiring a property manager, these four questions are key in determining if it is the right choice.
Do You Lack Experience?
Just because someone has the means and knowledge to buy real estate doesn’t mean they know how to manage the property. Learning on the job is a costly mistake, so if you lack the knowledge and experience, it’s time to consider a professional property manager. They not only have the experience, but they also understand the laws surrounding HOAs, ensuring a smooth flow that improves the property.
Can You Afford a Property Manager?
A good property manager will eventually make the association more money. This is because they have the ability to care for the property and find better tenants who stay longer, cause less damage and pay their assessments on time. However, if you’re just starting out, you may not have the money to pay for a property manager. Property managers charge between 4 and 10 percent of the monthly gross income on the property.
Are You too Busy to Manage the Property?
A lot of property owners have other responsibilities, like jobs and personal lives. As a result, it’s difficult to balance managing a property, especially since it involves so many different roles. A property manager gets paid to manage the property, so it’s their only job, giving them more time and energy to get all the little and big tasks accomplished.
Can You Relinquish Control?
The last question to ask when considering a property manager is if you are able to trust someone else with your investment. A property manager doesn’t own the property, so they may not share the same passion as you. However, as the property manager, they are in charge of everything, including collecting rent, filing taxes and maintaining the property. You have to decide if you have the ability to trust someone else enough to give them full control of your property.
A property manager can significantly improve an HOA, condo or any property. However, each property owner must determine if it is the right fit for them. Above all, they must be able to trust this individual with their investment.
Here are some of the amazing tools AssociationVoice has available for property managers.