Managing rental properties can be lucrative–and tricky. It can be hard to decide whether you should handle the property management aspect of running a rental business yourself, or if you should outsource the job to a property management company. Here, Nick Debeyiotis shares how to decide whether it makes sense to outsource your property management needs.
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If you only have one or two properties, you may be able to get away with handling property management on your own. As the number of rentals you own begins to grow, you may find that it makes more sense to outsource. You may also find that it makes more sense for you to make running your rentals your full-time job, instead of a part-time gig.
If you have several properties that are near one another, it can be easier to meet tenant needs and ensure that your buildings are kept clean and up-to-date. If you own several properties that are far apart from one another, you may want to think about working with a property management company, according to Nikolaos Debeyiotis. This can save you the time and money associated with making multiple trips between properties to meet tenant needs.
If you have the skills that a property management company typically takes care of, it may make sense for you to save money by handling property management on your own, according to Nikolaos Debeyiotis. For example, if you have experience as an accountant, there may not be any need to outsource running the financial side of your rental business. If you have handyman skills and hands-on know-how, it may not make sense for you to pay an outside company to take care of maintenance issues. That being said, it’s also important to know when to call in a professional, according to Nikolaos Debeyiotis. If you find that you’re regularly reaching out to plumbers, roofers, and other skilled workers, it may be helpful to work with a property management company that can handle the maintenance and repair aspects of your rental business for you.
If you work a full-time job in addition to managing your rentals, it’s easy to get overwhelmed quickly. If you feel like you’re spending most of your time dealing with tenant payments and maintenance issues, it may be well worth it to hire a property management company, according to Nikolaos Debeyiotis. Be sure to talk with potential property management companies about the aspects of your rental business that are causing you stress to ensure that the company is able to meet your needs.
