Should you hire a property manager or do it yourself? This is the question that millions of people face when they decide to buy a second property.
The expense of hiring a property manager in Southern California will substantially reduce the cash benefit of your rental property. Indeed, most landlords won’t even consider hiring a property manager based on the notion that they have already learned how to handle the maintenance of a residential property during the time that they have owned a property. Therefore, many landlords believe that hiring a property management company is an unnecessary luxury. Many people become landlords with the expectation of building equity and generating income, so why give away part of the latter?
However, there are many reasons why a property manager makes a lot of sense.
First, the property manager, not the landlord, will be responsible for handling simple, everyday problems such as a clogged drain or water leakage. A tenant expects his or her residence to be maintained properly and diligently, even at a time that may be inconvenient for the landlord. A property manager will ensure that problems get fixed when the tenant calls.
Second, a good property manager has much more experience in handling various aspects of property management, including interviewing tenants, looking for the right tenants, and ensuring that the rental agreement is properly completed.
Third, and most importantly, hiring a professional makes sense when you have full-time employment.
It’s always good for a first-time landlord to give full consideration to the pros and cons of hiring a property manager. If you decide to become a landlord, I would recommend educating yourself as much as possible and/or consult with a real estate attorney.
In Los Angeles, there are many investments properties, and if this is something you would like to explore, please contact me at any time!
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