If you are a real estate investor, you probably know how time consuming property management can be. This is why many investors take into consideration the possibility of hiring a property management company such as Ogilvy and Sneyd. If you are not sure whether or not this is the best option for you, these are the questions that will help you make a decision:
How far do you live from your rental properties?
A property manager will have to make frequent visits, especially one that has several properties for rent. This is why you need to consider the distance from your house to your properties, because chances are you may have to do urgent trips whenever your tenants call you. In addition, if you have a full time job or another business that you need to manage, you should also consider how much time you have to visit your properties on a regular basis, just to make sure everything is in order. If you feel that you may not have enough time to take care of all these problems thoroughly, hiring an experienced property manager is a good idea.
How many rental units do you have?
Hiring a property management company is only advantageous if you have several units available for rent. If you only have one property, it will not be very profitable to hire a manager and you will probably be able to handle everything yourself. However, when you have several properties, it can be a better choice to ask someone who specializes in this field to take care of everything for you.
Are you experienced when it comes to repairs and maintenance?
When you have several properties to manage, chances are that some of them will need repairs from time to time and you will need to handle everything, either yourself or to call someone who can. Property management companies have their own handymen that they can send whenever one of the tenants needs help.
How easily can you find tenants?
Occupancy rate is very important if you want to maintain this business profitable. An empty house will result in losses at the end of the year, which is why it is very important to be able to maintain the occupancy rate as high as possible. If you think that you will not have the resources to find suitable tenants for all your properties, it would be best to collaborate with a specialist in the field, as they would be able to secure a considerably higher occupancy rate.
All in all, these are the main questions that you should ask yourself before hiring a property management company. Allowing someone experienced to handle your properties could potentially offer you a lot more free time and enable you to pursue other endeavours that you want or manage other businesses you may own. However, if you only have 1 or 2 properties available for rent, it could be more convenient to handle everything on your own or at least to outsource only a few of the services of a management company.