We used to ask ourselves this question in the past when we were managing our own rental properties and now we know when you should consult/hire a property manager.
First of all, let's go over the responsibilities of a property manager.
A property manager is a person who is hired by the landlord to manage the day to needs of a rental property. Property managers usually perform the following activities;
Advertise the property and find suitable tenants
Move-in move-out inspections
Late rent notices and nonpayment litigations
Schedule maintenance and repair work
Ensure the property is in good condition by making periodic inspections
Maximize your rental profits by minimizing vacancies
That is a lot of activities you need to be doing if you have a full-time job or a busy schedule or you are not familiar with real estate in general.
You should look into hiring a property manager if any of the followings apply to you
You have too many properties to manage by yourself
You live far away from your property (next town, another state, or country)
You are not familiar with managing real estate such as advertisement, screening, rent collection, evictions, and so on.
You have a packed schedule and don't have time to answer tenant questions, show your property for rentals, or make calls to handymen to get repairs done in a timely manner.
You are having a hard time filling vacant units in a timely manner
If you're still wondering if you should hire a property manager, contact us and we can evaluate if you need a property manager or you can do it yourself.