Should I Hire A Manager or Self Manage My Rental Properties?
Are you planning on buying rental Real Estate in Southern California and are wondering if you should manage that property yourself or rent it out? If so, you’ve come to the right place!
In this article, we will answer this important question that every new landlord must ask themselves just so you will know which option will be best for you.
The Hands-Off Approach
If you’re already working a full-time job in Southern California, and you have a family, you may be interested in having a hand’s off approach with your rental property.
This means that you want someone else to collect the rent each month, handle maintenance, take customer service calls and provide you with the property management services that you need for your rental property.
A professional property management company is going to charge you between 6% and 8% every month of the total rental that you’re charging for your rental property so you’re going to have to budget for paying this fee each month along with taxes and other expenses for your rental property.
Is a property management company worth the monthly fee? The answer to this question is yes, especially if you want to approach your rental property as an investment and have no interaction with your tenants.
The Hands-On Approach
Let’s say that you want to handle the maintenance, customer service and tenant calls yourself and feel confident that you can adequately manage your rental property. In this case, you won’t have to hire a property management company because all aspects of property management will be covered by you.
Tip – If you decide to self-manage your rental property make sure that you have a vendor’s matrix or list of vendors near your rental property that you can call just in case you need someone to fix the roof, plumbing, carpentry or any other repair that your rental might need while you own it.
Contact the Fred Sed Group
Do you have more questions regarding if you should self-manage your rental property or hire a property manager? This is a conversation that we would like to have a one-on-one to see which option will be best for you.
Contact the Fred Sed Group today by calling us at (800) 921-9231 or connect with us online.