There are legitimate pros and cons to almost every action you take in business. If you talk to ten people, five will be staunchly in favor of your action and the other five will have a completely different opinion. Thus is the case with property management. There is no disputing the value of a dedicated property manager, the only issue is whether the cost supports it. Most property managers take 10% of the total monthly rent received. On properties with thin cash flow margins this can wipe out most, if not all, the residual cash flow. However, even if that is the case it may be all the more reason to have a professional handling the property. With such a thin margin for error you need all the help you can get. Self-managing can work in some situations but for the most part you are better off with a property manager. Here are five reasons to stop managing your own rentals.
Property managers don’t necessarily work for every property, but in the right situation is a no brainer. They may not work for every property but should at least be a consideration.
See featured image at CTHomesLLC.com/blog