As a property owner, you need to constantly be checking in on your investment to ensure that it’s giving you the return you deserve. However, diversifying your portfolio with real estate, especially if you have a large amount of properties, can be very time consuming and stressful. To alleviate some of this burden, you can hire someone else to manage your properties for you, either in addition to or in place of a landlord. While you might want to save yourself some cash by just hiring someone to work part-time as a property manager, biting the bullet and getting someone who can devote 100% of their working time to managing your properties will prove to be much more beneficial. We’ll show you why.
You Still Shoulder Part of the Day-to-Day Activities
Without having someone whose full-time responsibility is to focus on your tenants and properties, you will still be having to play a major role in the daily occurrences of every location. You will have to keep track of everything on your side as the investor and property owner while also taking care of the more menial tasks associated with property management, which, according to About.com, could include collecting rent, finding tenants, handling leases, dealing with evictions, maintenance, repairs, and so on. That’s a lot to take on, especially if you have more than a few rental properties.
They May Not Be As Experienced As You Need
Many times, a person who is willing to work a part-time job may not be as experienced as you need your property manager to be. In theory, you’ll want to hire someone who has had experience working in real estate or property management before. And if you were wanting to hire someone full-time, you could be sure that’s one of the requirements. But most people can’t support their family on a part-time budget, meaning you have the chance of hiring someone who is young or doesn’t quite have the experience necessary to assist you in all the ways you may need.
Scheduling Problems Can Occur
A major portion of the work required to be put in by a property manager has to do with showing a property once tenants have moved out. However, in order to get someone to fill that vacancy as quickly as possible, you’re going to want to be flexible to your potential tenant’s schedules, making you essentially on-call until that property is filled. If you’re only hiring a property manager part-time, it could be more difficult to ensure that they’ll be available when a potential tenant would like to see the property, resulting in either you having to take on that responsibility or a loss of a potential tenant if the appointment can’t be made.
Keep In Mind…
According to the Reference for Business website and Chron.com, part-time employees can only work a maximum of 17.5 hour per week; so really consider what kind of time requirements you’re looking for before you search from a part-time employee. You just might find that you actually do need a full-time employee to help you keep up with all the work of owning and renting properties.
Making this investment decision is a very wise choice and becomes more lucrative with the more properties your own. To make sure you have time for all you need as the owner and that nothing falls through the cracks, consider hiring a full-time manager as opposed to a part-time one.