Although it is quite normal for an owner to desire to oversee all aspects of his or her property, the truth still remains that even well-meaning intentions have to give way to reality and here is why:
As the owner of a property, the first thing that has to be considered is if traveling back and forth between your place of residence and the rental property (or properties) is quite convenient especially if there are emergency situations. The distance involved can serve as a propellant towards hiring a property management company.
As a home owner renting out your home, you never know when certain situations may arise on being able to travel on such notice is needed in other to maintain the upkeep of the property because the reality still remains that in certain situations, time is of the essence and a long distance can be troublesome.
Going by popular belief, according to practical real estate assessments, if the amount of time taken to reach one’s property exceeds a minimum of four hours, then it is time to reconsider hiring a property management company.
Furthermore, time is money. Why waste your valuable time in menial tasks when you can hire someone to do it for you and still earn passive income?!
The expert knowledge required
The maintenance of a property is no small job and most times, it requires having knowledge about certain tools and conditions and this can also require patience and time to rectify especially if there are repairs to be made.
Sometimes, when investing in a property, the concept of property management is not fully envisioned yet as all efforts are directed towards acquiring the property and nothing else. Trust us, we know from experience. When I bought my first country house I was so overjoyed by all the future adventures I had planned. I hadn’t thought about what I would do with the house once I was back at my primary home. Now I know better and have hired property management companies to do all the base work for me.
At the beginning, having a base knowledge of repairs is enough to get you through certain situations but if this is not rectified, the property can start falling apart. Getting assistance from a property management company does not mean the full reins of the property have to be handed over to them. It just means, you get to decide the amount of responsibility you want to shoulder.
The condition of the property
Being the owner of a property means that a majority of your time has to be dedicated towards its upkeep which means that more often than not you find yourselves being called upon to resolve issues. For landlords of properties, the condition of the property should matter as this affects the income received on it and unless you have sufficient funds to get a well-maintained property, the likelihood of purchasing a property that needs a lot of repairs is higher.
The truth remains that even with intentions to manage the property as well as go on acquiring different properties you cannot as they both demand a lot of time and commitment so priorities have to be set right. The decision on whether to hire a property management company should be based on long term goals and what matters most so letting emotions dictate actions defeats the purpose.
As humans, even when trying to fend for ourselves, there are still other obligations that need to be seen to. This can be from family time, social life, society meetings etc. Sometimes, property management might mean having to sacrifice the time meant for these commitments and this might affect relationships.