Self-managing Or Hiring An Agent image
Self-managing Or Hiring An Agent
Managing a property is a time taking a job which also needs knowledge and expertise to properly handling all the property managers in Adelaide related issues. So a decision is needed on whether you are going to manage the properties by using your expertise or hiring a professional to look after them on your behalf. Both options have some benefits if selected and some costs if not in form of an opportunity cost. Before taking any decision you have to understand the pros and cons of the available options same as in the case of hiring a real estate agent. Let’s have a look at them to take a better decision.
Comparing the options you have
You need to understand all the duties required to maintain the property and perform a cost and benefit analysis on the basis of your situation.
- Property owners have different issues related to managing a property like if your property requires a lot of maintenance on a regular basis or have a high maintenance tenant can cause you stress and cost your time as well rather if you take the services of an agent to do all the required maintenance then there is nothing to worry about. But if the situation is opposite such as property does not need frequent maintenance or you have a low maintenance tenant than there is no need to spend your money on hiring an agent.
- Same as if the tenant late on the payments, it will cause a problem for you to keep on calling him or often visiting him to clear the payments. This can be eliminated if you have a manager to check on rental incomes and keeping the records of receipts/payments to avoid any skips.
- If you are the owner of multiple properties which will not be easy for a businessman to be in rush all the time, so just having an agent in this situation will be the best solution to your problem as you can afford the cost of hiring one.
- Moreover, if you have limited time because you want to spend more time to grow your business or you are doing another job in the daytime then it is best option to hire a managing company to look after your properties.
Analyze all the above points and the situation you are in to take a better and well- informed decision. Self-management is a good option if you have time and money to invest in your landlording business, have enough expertise to manage all the laws related requirements and can not afford the cost of hiring a manager. But if hiring a manager is good for you then find a professional and authorized managing company and do a detailed interview to find the answers of your all question before an agreement.