A rental property is a decent investment that can fetch you passive income for many years. While the benefits are enormous, the challenges of being a landlord can be intense, too. Many new landlords decide to hire property managers to take the weight off their shoulders. While Trustart Realty and any Philadelphia Property Management offers many benefits, it is possible that it may not be a good fit for you. Here are valid reasons why hiring a property manager will not be the best option for you:
You Intend To Live In a Unit of Your Rental Property
If you have decided to use the house hacking strategy, you can live in one unit of your rental property. If this is the case, you may not need to hand the property offer to a property manager since you can easily oversee the affairs and perform your landlord duties with ease.
You Want Full Control of Your Rental Property
You should know that when you hire a property manager, you are paying him/her to make decisions on your behalf. These decisions may not be the sort of decisions you will make if you are managing the property. If you are not willing to reduce your control of the property and the decision-making process, then you don’t need property management. If you want to be in full control of the tenants you will take in, the rental fees to charge, and how to maintain the property, property management is not a good fit for you.
You Have the Time to Manage Your Rental Property
Property management may not be the best choice for you if you have the time to manage your rental property. Most investors who involve property managers are those who are not ready to commit adequate time to manage the property. If you are going to treat your property as a real business and dedicate enough time to running it, involving a property management company is not necessary.
You Are Committed To Running Your Investment
Running a rental property also requires commitment. Even if you have just a small property that requires one or two tenants, you have to be committed to finding the right tenants and making sure that they respect their tenancy agreement. If you are ready to be fully committed, you don’t need any property management company.
You Have Good Knowledge about Rental Property Management
Managing a rental property is never easy. If you are knowledgeable in the field, you can do it without real troubles. Also, if you are willing to learn, you can do it too. However, you should start with smaller properties and work your way up to bigger ones. Besides the practical experience needed to run a rental property efficiently, you should be willing to read more and take courses that can help you perform better. You should also learn to reach out to people that can help when you need them.
Property management offers several benefits to landlords. That doesn’t mean landlords cannot do without property managers. In fact, property management may not be a good fit for you if any of the points above is your reality. Try doing it yourself; perhaps, it will go smoothly for you until you become bigger and decide it is time to use the services of a professional property manager.