Some people prefer to manage their properties by themselves, and some people prefer to delegate that responsibility over to a property management company instead. The decision to do this oftentimes becomes a quality of lifestyle decision, in terms of whether or not the owner wants to directly deal with the aggravation involved in taking incoming calls from their tenants, constantly telling the owner that there are things that now need to be fixed immediately.
In keeping this in mind, the decision to hire a property management company can also have to do with the kind of property that you own, and the number of properties that you own, too. Because, for example, if you own one property with a triple-net lease on it, requiring the tenant to take responsibility for fixing most anything that goes wrong with the property, you’re not going to need a property management company. Your job will be primarily collecting and depositing the rent every month, while the tenant will fix most anything that goes wrong with the property.
Then, on the other side of the coin, if you own fifteen 30-unit apartment buildings, having a total of 450 tenants in them, you might go absolutely nuts fielding all of the incoming calls dealing with things like plumbing problems, roof leaks, and other tenants in the building making too much noise, and hiring a property management company to handle all of this for you may become a necessity.
But at the same time, when you are a property owner within your earlier years of acquiring and owning properties, you may consider it to be a badge of honor to handle everything that needs to be done on your properties all by yourself, and you may even gloat at the fact that you’re saving money by not paying a property management company. However, as time goes on, you may find that the incoming calls from tenants to fix things have now become more irritating, and you simply want the freedom and peace of mind that come along with having this all now become someone else’s problem.
So
in keeping this in mind, your desire to have someone manage your
properties can increase the older that you get, and it can increase
with the number of properties that you own, too.
It’s a
personal decision, and again, this oftentimes revolves around it
being a quality of life decision, when you finally throw up your
hands and say, “I’m sick and tired of dealing with my tenants,
and I’d rather just pay someone else to do it!”
