Is It Worth It to Hire a Property Manager? (The Answer Is Yes)
Ready to stop wondering: is it worth it to hire a property manager? If so, the answer is yes. Take a look at what you should know here!
Are you struggling with your HOA management and need to escape the piles of administrative tasks? It may be time to hire a property manager.
Property managers focus on the day-to-day operations of your HOA communities or rental properties. This allows you to have more time to focus on other tasks. With their enhanced experience managing properties, they can also help you make important financial decisions on rental prices, common maintenance tasks, bookkeeping, and more.
Read on to learn about the benefits of property management as we answer the question “should I hire a property manager” today!
What is a Property Manager?
If you’re interested in the idea of HOA management in Seattle, it’s important that you understand their role and responsibilities. An HOA management company will also be able to run all of the day-to-day operations that you normally do on your own. You can view them as a buffer between yourself and your tenants–you won’t need any more direct contact unless you desire.
Here are just a few of the responsibilities a property manager in Seattle will be able to take on:
- Setting the rent
- Collecting rent from tenants
- Marketing and advertising to find tenants
- Screening tenants
- Move-ins and move-outs
- Scheduling maintenance and repairs
- Handling finances and budgets
They’ll also be able to deal with any emergency issues, such as repairs or tenants that are causing a nuisance. When it comes to an HOA property manager, they’ll also be able to deal with attending board meetings, taking care of records of insurance, maintaining common areas, and more.
It’s important to remember that your HOA property manager in Everett can be as hands-off or hands-on as you require. It all depends on what you and your community needs.
Why Hire a Property Management Company
You now know the responsibilities that property managers are able to take on. Next, you need to decide whether a property manager is the right choice for you. Here are a few reasons and signs that you need to hire a property manager ASAP:
You’re Afraid of Budget Constraints
If you’re hesitant about the fees you’ll need to pay, you’ll be relieved to learn that you can hire a flat-rate property manager. These companies price their services based on the number of services you need as well as the size of your community.
This “per door” rate is budget-friendly–you won’t have to pay for services you don’t need. If you have a small community, you won’t have to pay inflated prices.
You’re Unfamiliar With the Industry
One of the best parts about hiring a property manager is that they can help you take the business off the ground if you’re not familiar with the industry. If you want to run things yourself in the future, you’re essentially hiring a mentor. You’ll be able to learn about screening the right tenants, collecting rent on time, and dealing with emergency issues.
Learning by doing in this way will help you become a more effective property manager in less time.
You’re Struggling to Occupy Units
It can be hard to find new tenants for your units if you’re managing an HOA community that used to have a bad reputation or is in a competitive area. In order to fill those units, you need to be able to market and advertise the property to show it in its best light. This is especially important for your website, where the majority of potential tenants are looking.
Thankfully, property managers are able to handle the marketing and advertising aspects as well. From hiring professional photographers to creating compelling copy that describes your community or units, they also know where and when to post your listings so that you can acquire interested leads as soon as possible.
You Live Too Far
Regardless of whether you’re familiar with the industry or not, living further than an hour away from your properties can be a hassle–especially if you’ve invested in multiple properties. For this reason, it’s recommended to hire a property management company that will have quick and easy access to all of your units.
Your tenants will also benefit from this arrangement. Someone will be close at hand if they experience any conflict with other tenants, maintenance emergencies, and more.
You Have Trouble With Organization
Lastly, hiring a property manager is a great idea if you find that you’re having trouble with organization. They’ll be able to take care of the majority of your administrative tasks, such as setting up automated software to remind tenants about rent due and handling your bookkeeping.
Even for the short term, hiring a property manager can be a good idea if you need someone to come in for a refresh. They’ll follow up with emails and calls with tenants quickly, help you find the best local companies for maintenance requests, and more.
How to Hire a Property Manager
Hiring a property manager gives you greater freedom. You’ll find that you’ll get your time back, meaning that this could lead to greater investment opportunities. An HOA property manager can also bring greater cohesion to the community and improve the reviews tenants leave. This means that in the future, you’ll have an easier time finding willing tenants to fill vacant units.
Before hiring a property manager, we recommend taking the time to decide what you need help with. If you have the budget, multiple properties, and want to be as hands-off as possible, a property manager can take over almost all day-to-day operations.
Ready to experience outstanding service and marketing from an experienced real estate brokerage? Contact us today about our HOA management services!