A common thought comes to mind when investing your hard-earned money. It doesn’t matter if it’s purchasing your first rental property or investing your retirement money. The question remains, should I hire someone to help me?
Here is my thought based on an experience my wife and I had years ago when we were going to tile a backsplash our kitchen. I wanted to do it myself. I didn’t think it would be that hard and I thought I could save a buck, learn something, and would enjoy doing it. I talked with friends that had done tile work, watched videos and even got library books explaining the process. After thinking I had all the information I needed I was ready to begin. Then my wife very kindly said to me, “you know I love to entertain and cook, and the kitchen is often a focal point of the house. You can do the backsplash if you think you can do it, but it needs to look like it was done by a professional and done right.” That made me pause and I started thinking. I looked at all the outlets and the measuring and cutting of tile that would need to be done and decided to hire a guy from my church that had been in business doing it for 25 years. It was a good decision.
Here is what I learned and this goes back to managing your own rental or investing for your retirement. If your return on your money isn’t the most important thing, and you are in it to learn and can afford to make mistakes as you go, do it yourself and enjoy the experience. If your return on your money is a priority and you want a business and not a hobby, hire someone that does it all day every day. Yes, it will cost you a little but the advice you receive and the mistakes that are avoided in the long run will pay off and give you peace of mind.
Benefits of using a Property Manager
- A property manager often has a list of quality tenants looking to rent a property
- They have a system to screen and verify applicant information. At Property Management Inc, with over 200 franchises across the country the average eviction rate is 1%
Avoid evictions and know your State laws
- An experienced Property Manager can help avoid evictions by careful screening. Evictions lower you return with time consuming non-collection of rent and attorney fees.
- Application and tenant interactions must abide by fair housing laws.
- Depending on the city, registration and inspection of the property may be necessary.
- Security Deposits must be handled properly.
- Repairs with a licensed professional will help you save on costs in the long run. it will also keep tenants happy by correcting issues correctly the first time..
- A property manager will keep track of maintenance, suggest upgrades to your property to insure the value of your property is increase.
- Less stress for owner as the manager takes care of around the clock phone calls and problems
- Worry-Free. Property Manager will take care of the day to day operations of your property while you enjoy the benefits
I hope this gives you food for thought about managing on your own or using a property manager. Best wishes in your decision. I hope this will add clarity as to why you need PMI West Michigan.