You’ve taken the leap, purchased North Shore real estate as rental property and become a landlord. Congratulations! Now, you have to decide who’s going to manage your rental property… you, or a property management company.
Hiring a property management company can be expensive. To help you determine if that’s the best business decision for you, here are some instances in which you may want to hire a property management company for your North Shore real estate:
- You have many properties and rental units, and you don’t have time to do it all yourself.
- You live far away from your rental property. Many problems that arise with rental properties need immediate attention.
- You are out of the country for longer than 21 days. It is illegal under the Residential Tenancy Act to not have an appointed manger otherwise.
- You don’t want to screen potential renters. A management company can screen potential renters and handle any problems that arise with tenants.
- You don’t want to manage the property. If you don’t like handling the day-to-day operations of rental property or you prefer to spend your time building your business, a property management company can take care of everything for you.
- You can afford it. Fees charged by property management companies vary depending on the type of property, the number of properties and units you need managed, the area in which your properties are located and the services that are included. To give you a ballpark idea of the cost, the average property management fee is about 7% to 9% of the collected rent.
Need help finding a property management company or ready to buy North Shore real estate to use as rental property? I can help. Give me a call today at 021 85 84 83, or email me at Jason.email@example.com.