A lot of people think that hiring a property manager to watch over their property is a waste of the money they can be making off of their rental. But in a lot of ways, it is really not a waste at all. For one thing, you do not have to keep up industry contacts. For another thing, you do not have to maintain contact with your team. For yet another thing, you do not have to keep up memberships in certain industry specific programs that a property manager would need to have. And if you still need another reason for trying property management services, consider the fact that tenants can be a serious hassle to deal with.

A property manager needs to have people in their stable. They need a drain specialist, a lawn mower, a trash hauler, a house cleaner, a painter, a tree remover, a real estate broker and a lock smith. And those are just for the occasions when a tenant takes good care of the place, and then vacates peaceably. On other occasions, they need a proper construction crew, a good relationship with the local constable, and an electrician if the tenant decides to take a few “copper souvenirs” along when they decide to exit. And specialists to remediate fire and mold damage are not bad ideas either. Needless to say, your first rental property (or really, even your first ten rentals) probably will not justify having such a large team of individuals. And they certainly will not only be doing your jobs. To have people be dedicated, you need to provide them with a steady stream of work to do.

Property managers also need to be members of local real estate associations, and have access to the MLS, lists of potential tenants, and be able to conduct background checks on people. All of that can cost.