When you purchase a property in Georgia, you can decide to become a hands-on landlord or hire an Atlanta property management company. This will be one of the most important decisions you will have to make as a property owner.
You will have to evaluate every aspect of your life to decide whether it is worth managing a property without help. There are pros and cons to doing so.
There are also advantages and disadvantages to hiring a property management company. The following are some factors you should consider that will help you make an informed decision on whether hiring a property manager is the right choice for you.
Your Area of Residence
We truly live in a global economy, which means you can buy real estate in any part of the world if you can afford it. When you buy a property, you should consider how far away it is from your area of residence. This will have a significant impact on who you choose to manage your property.
Even when you live in the same country or even the same city, you should consider how far you live from your property. You need to be close to the property to manage it properly around the clock. If you get a call from a tenant at 3 a.m. about a problem, and you're managing your property on your own, you may find yourself on the road to offer help and handle the issue in the middle of the night.
If you live too far from your property, then you should hire an Atlanta property management company to look after it for you. They will be present to manage the property and swiftly respond to any issues that may arise, no matter when they occur.
On the other hand, if you live close to your property, managing the property yourself is a viable option—as long as you don't mind those late-night calls.
The Number of Properties You Own
When you own a single property that you live close to, managing it can be simple enough. However, once you add multiple properties to your portfolio, the task becomes much harder. When these properties are spread out across the country or the globe, or in some cases even just a large city like Atlanta, it becomes impossible.
Therefore, the number of properties you own will be a significant determinant as to whether you need to hire an Atlanta property management company or not. Generally speaking, the more properties you own, the more you will need a property manager.
Whether You Plan to Be a Full-Time Property Management
Another factor that will help you answer whether you should hire a property manager is whether you have another full-time job. Property management is a full-time job; from seasonal maintenance to screening tenants to listing your properties, the day-to-day tasks of managing even a single property can easily turn into hours of work each day.
You would be hard-pressed to manage the property effectively while keeping a second full-time job.
Therefore, you should give considerable thought as to whether you can commit all your energy to manage the property. If the answer is yes, then you may be able to manage the property yourself. If the answer is no, then you should hire a property manager.
Furthermore, property management is a business where you could be required at a property at any time. If it is not your full-time job, then your other endeavors may suffer.
Cost of Hiring a Property Manager
If you own a property in Atlanta, Georgia, you will undoubtedly have to consider a property manager. One of the most crucial questions to answer is whether you can afford to hire an Atlanta property management company.
A property manager will usually earn a fraction of the total rental income on a commission basis. Therefore, if the property performs well, so does the manager.
However, you will find interesting fee structures among various property managers. The cost of hiring a property manager may be cheaper than you think!
When you buy a property, or any other asset for that matter, the goal is to ensure it gives you adequate returns for as long as possible. One of the most crucial facets in that regard is to maintain your property properly.
You have to consider how well you can maintain your property if you were the landlord. In most cases, a property manager will be able to conduct better maintenance of your property than a landlord would.
They'll visit your property frequently and will be able to assess the maintenance needs of the property adequately. A property manager will have connections with people in the industry that will help them get the best quality workers and pricing as far as maintenance is concerned.
There is no simple answer as to whether you should hire a property manager or not. It will depend on the property owner's situation and needs. However, if you consider the factors above, it should be easy to come up with an answer.