Should You Have A Property Manager for One Rental Property?

Owning a single rental property can be both rewarding and stressful. While some landlords prefer to handle every responsibility on their own, others consider hiring help to streamline the process. Whether you should have a property manager for a single property depends on your time, experience, and long-term goals. We’ve gathered four key considerations to help you make an informed decision.



Maintenance

As a landlord, your level of handiness can significantly influence whether hiring a property manager is necessary or not. If you have experience with basic maintenance such as fixing leaks, patching drywall, or painting, you could save money and deal with the simple repairs. This hands-on approach is even more practical if you live near your rental property, or your rental is in an accessory dwelling unit (ADU) where quick fixes are convenient. That being said, there are many issues a property can have. If you lack the time, tools, and knowledge to handle all the maintenance efficiently, being able to rely on a property manager helps to ensure repairs are completed quickly and to a high standard. Being able to handle repairs can help to keep tenants happy, which can result in a renewed lease and ultimately benefit your bottom line.

Communication

At a glance, having a single rental property may seem as though you’ll only need to communicate with the leaseholder. However, this may not be as simple. Especially during emergencies or disputes, dealing with a tenant can be stressful. A property manager can help by handling the issue professionally and maintaining a positive relationship with the tenant.

As a landlord, you never really know when your tenant will contact you; having a property manager as a buffer can be beneficial. This is especially true if you prefer not to have an evening interrupted by a late-night maintenance call or complaint from your tenant. Though if you’re committed to being available for your tenants, have excellent communication skills, and are a cooperative tenant, then directly managing your own rental can be approachable.

Legal Resources

Property managers bring with them professional experience in more than just maintenance and collecting rent. They’re experienced in tenant relations, local laws, and regulations. You can use their resources to help you avoid expensive mistakes such as improper notices, security deposit disputes, and eviction proceedings. For newer landlords who are unfamiliar with all necessary legal requirements, this expertise can provide you with peace of mind. Though if you’re already knowledgeable in this subject, you can take advantage of their ability to pool their resources for your particular case.

The Value of Time

Managing only one rental property requires a significant investment of time and attention. Tasks such as marketing the rental unit, vetting prospective tenants, dealing with `ce requests, and enforcing lease conditions can add up quickly. If you’re not prepared for each responsibility, it can take significant time to learn and properly perform these tasks. While tasks like maintenance can be done by landlords who are handy and do it themselves, for larger repairs such as plumbing or electrical, you’ll need to hire a professional. 

A property management company can save time and potentially money by taking over these responsibilities with its resources and vendors. This makes property managers an investment rather than a cost. Additionally, consider emergency repairs; emergencies can happen on any day and at any time, which makes it difficult to make long-term plans. A property manager should be available 24/7 for such cases and be able to handle the repair promptly. 

Depending on your situation, whether or not to hire a property manager, if you value convenience, professional oversight, and peace of mind, a property manager can be worth the investment. If you’re interested in what we can provide or if you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online.