Anyone who has owned rental properties has probably asked themselves "Should I Hire A Park City Property Management Company?" at some point. Whether they were struggling to find a new tenant, taking a phone call about leaking pipes in the middle of the night, or having to deal with the unfortunate process of eviction, having a rental property can take up both your time and patience. I have put together a few key points to analyze when asking this question.
1. Do You Live Near The Property?
The Princeton economist Alan Blinder put it best when he said "You can't hammer a nail over the Internet." This simple phrase succinctly explains the problems that can arise from managing a property from a distance. At some point, something will happen that requires direct action to solve. Touring a potential tenant through a property, posting a notice of late rent, and of course maintenance requests are just a few examples of the different tasks carried out in the usual course of managing a property. If you don't live close enough to respond to these and other types of issues in a timely manner then a property management company may be right for you. Along with being able to respond quickly to the needs of your property a quality property manager brings with them comprehensive knowledge of the rental market and housing industry. They will also have important connections within the industry to assure that your property is cared for in the best way possible. Park City property management companies can be a trusted and valued asset in managing your property.
2. Do You Have The Time And How Do You Value It?
Do you have the time to properly manage your rental property? We have established that Park City property management is a hands on enterprise so if you feel that you don't have enough time to devote to the demands of a rental property then consider your alternatives. Murphy's Law definitely applies to property management so if your life is already full with work, family commitments, taking care of your own home, and trying to find a little R&R in between the last thing you need is to fix a leaking sink or chase down some late rent payments. Everyone values their time but I most people don't try to put a dollar amount on that value.
Let me give you an example. Let's assume, on average, managing your property requires 5 hours every month. Those 5 hours can be anything from talking to your tenant about a maintenance call to depositing the rent check into your bank. Let's also assume that you can hire a property manager to do all the things you do, plus some things you either can't or won't, for $100 a month. Now you have a decision to make. You can either hire a property manager at $20/hour to take care of your property, or you can hire yourself to work as a property manager for $20/hour. If you feel that $20/hour is the going rate for your time then a property manager might not be the answer. If not then you have some things to consider.
3. Do You Have Multiple Properties?
If you have purchased more than one investment property you should definitely consider a property manager. Obviously time is a factor in this but the other point to consider is the hiring of an employee. If your investment properties keep you busy to the point that you are thinking about hiring an employee then an easier solution is to hire a Park City property management company. This saves you the necessity of establishing yourself as an employer, hiring and managing employees, and all the legal requirements that go along with this. In several ways outsourcing the management of your investment property to a professional can save you time, provide you with peace of mind, and allow you to pursue the more important aspects of your life.
If you would like to learn more about property management Park City Utah, download our free white page "5 Questions Every Landlord Should Ask Themselves".
