Forbes: According to Nolo, hiring a property management firm can help with multiple properties and prevent legal issues from occurring. As a self-managing landlord, it can difficult to keep up-to-date with the changing regulations and ensure that your properties are maintained to the best of your ability. The choice can be a difficult one to make.
Here’s what to consider when facing this dilemma:
Who Can Do It Better – For each and every decision we make as a fully integrated real estate firm, we ask ourselves one simple question: Can we really do it better than the third party? With property management, our initial question starts there. If someone can do it better than us, whether it’s because of scale, costs or resources, we are more than happy to hand it over. Those questions, though, are not always simple. – Ridaa Murad, BREAKFORM | RE
Skills And Resources – This decision may be about skill set and resources, not all about numbers. A landlord who is a contractor or handyman may need help with assessing tenants, and an HR pro who may have great experience assessing people may need help from a handyman. When working with investors, I ask questions about resources so they are set up for success. A great property management company could save money. – Michelle Ames, HorsePower Realty/Realty Executives Metroplex
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