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Although an invester will enjoy significant advantages from employing a property management company, there is also a cost associated with employing a rental property manager. In addition to the fees of property management, there are other reasons why property management may not be for every landlord. Think about the following questions to determine if employing a property manager would be a good option for your investment.
Factors to consider:
- Will you live and work near your rental property? Northern Virginia and to a certain extent Old Town is a very transient area. Northern Virginia has a lot of military, diplomats, State Department, political appointees and academia. If you're getting transferred across the country or around the world, it might be a good idea to let a professional manage your rental. Even simple tasks can get complicated very quickly when you aren't around to manage the details.
- Do you want to handle the details of rental property management? Some landlords relish the challenge of identifying good tenants. Some landlords find that keeping up with maintenance and managing little tasks is rewarding. Thus, they enjoy taking early morning calls. But, if you don't need more work, you may not want the chores of managing your own rental property. If, you want little or nothing to do with the day-to-day tasks, you would be smart to consider employing a rental property manager to manage your rental property.
- Do you like wrestle your tenants? If you have tenants, eventually you will have disagreements. Even if you find hands-on management rewarding of the property, you may not find wrestling your renters is a joy. In addition, if you're not a full-time rental property manager, you can get into trouble quickly if you don't know tenant's right. If you've already got your hands full, then the last thing you need is extra hassles. Accordingly, employing a rental property manager might be a good (and tax deductible) expense.
- Can you afford the cost? Let's face it. hiring a rental property manager is much more attractive choice if if your cash flow is positive. If monthly cash-flow is not an issue, you'll likely save money by hiring a property management company and writing off the expense. But if at the end of every month cash is tight, you might not want to pay a property management company.
- Can you afford the risk? Do you understand the Virginia Residential Landlord Tenant Act? Do you understand the tenant's rights? Do you understand your duties? The more you know about rental property management in today's litigious society the more you'll understand the value of hiring an experience manager in your corner.
- Do you have maintenance people? Every investment needs maintenance. When your tenant get in touch withs in need of repairs will you know who to hire and what to do in a prompt manner? Do you know which repairs are the landlord's responsibility and which repairs are a tenant expense. If not, you may want to consider hiring a property manager.
Learn more about our rental property management services in Old Town and around Northern VA
