It might be difficult to think that there are cons to hiring a property manager because of the obvious benefits and advantages. But similar to most things in life, there is also a drawback, though you just have to consider how the pros outweigh the cons and if it is worth it.
Pros
Someone to do all the work
Since leasing a real estate is hard work, you might feel overwhelmed with all that you need in a day to make sure all your tenants are happy. If you have multiple real estate properties and other businesses that need your attention, hiring a property manager is definitely an advantage.
A property manager is also your representative, making your clients feel that you are constantly looking after their welfare. So, if you would not be able to have or maintain a harmonious relationship with the tenants, hire a property manager that the clients would constantly see or reach when they have any concerns.
Business expansion
Once you managed to have your first real estate investment earn you money, you would soon think about purchasing another since it’s a good and steady source of income. Having a property manager who’s been dealing with property management for a long time could help you look for a marketable one to purchase. With a property in a prime location, you would not have a hard time looking for tenants.
Cons
It’s difficult to find one
To be more precise, it’s difficult to find a GOOD one since a property manager has lots of responsibilities that not all are cut out to handle the pressure and be accountable for running an estate. You also have to consider not only their experience as a property manager but you also have to do a thorough background check on them to determine whether they could be trusted, flexible and could manage to establish a good rapport with people.
Finding a property manager who would care for your estate the same way or level as you could also put you at a disadvantage. For you, you would truly worry about your property since it is your investment whereas for a property manager, it is just another estate that they manage which they could decide to just leave when things are not happening to their liking, or when they get a better offer from another.
Cost
Since a good property manager is like finding a needle in a haystack, chances are they would ask for a hefty salary. Although this could not be considered a disadvantage because like your property, investing in a good property manager would make you reap a heftier reward in the end.
Once you have decided that it would be more beneficial to you to hire a property manager, make sure that you look after their well-being since they are the ones doing the work that you are supposed to do. They are ensuring your clients are happy and in turn, you should ensure that your property manager is satisfied and is still content in working on your behalf.
