Vantage Property Management
Better Qualified Tenants.
Less Time on the Market.
Higher Comparable Rents.
6 Advantages of Hiring A Property Manager
Vantage Property Management
410.729.2770
1120 Benfield Blvd.
Millersville, MD 21108
1. They are affordable.
In fact, they’re much more affordable than I originally thought. When I factor in all the things they do and the time they save me, it’s well worth outsourcing.
2. They offer great on-call service.
They have a 24-hour emergency service that covers things like heating, plumbing, or electrical issues. Today, I travel a lot, and this service is invaluable to me. I can still use my contractors if I want to, but sometimes it’s easier just to let them handle most of the little repairs.
3. They maintain great records. The beauty of using their service is that they track everything from the rents to the repairs, and they even write the checks to cover expenses like utilities and contractors. It’s great to get a nice year-end package that I can just hand over to my accountant.
4. They represent me in court.
Today, I’m a really busy guy. I can focus my time on running my business or doing the things I’m best at, and they can fill in for me on those unfortunate cases that require a court appearance.
5. They’re compliant.
I especially appreciate their emphasis on compliance when it comes to drawing up leases and screening tenants. I love that they screen for things like credit history, criminal background, evictions, and even Meghan’s Law (history of sex offenses). They also stay up to date on licensing requirements, local ordinances, and state laws and regulations.
6. They handle my showings.
Not only do they show properties to prospective tenants until they’re rented, but they also meet various HUD and county inspectors for yearly rental licenses. This is another area where the property manager saves me a lot of time and aggravation.
Plus, if you own multiple properties, see if you can leverage your total book of business to negotiate a better set of terms with the property manager.
Of course, you should consider any disadvantages, too, before outsourcing property management.
Disadvantages of Hiring a Property Manager
When it comes to disadvantages of hiring a property manager, I can really only think of two: cost and control.
For many real estate investors, the biggest deterrent from hiring a property manager is probably the cost, which definitely cuts into your monthly cash flow.
So if you have the time and the skills, and it’s more lucrative for you than other tasks, it may make sense to manage your own units.
Another disadvantage could be that once you hire a property manager, you're not in control of everything anymore.
Maybe you're not as dialed-in when it comes to the maintenance and condition of your properties or the choosing of your tenants, especially as you start to rely more and more on the management company.
Whether you can accept that is a personal decision, as well as a business decision.
Starting Over, What Would I Do?
Considering both the advantages I experienced and the potential disadvantages of hiring a property manager, would I make the decision to hire a property manager again?
My answer is a resounding yes.
If you don’t outsource the job, in a sense, you’re just hiring yourself. Looking back, I think it was a valuable experience doing it myself at first, as it actually taught me how to manage a property manager, as well as what to look for when hiring one.
Knowing how much time and effort is required to effectively manage my units today, the only thing I would have done differently is turn my units over to a management company sooner.
My biggest reasons for outsourcing property management are that it allows focus on what I do best (operating a full time business) and that it gives me peace of mind. The focus thing is a really big deal, especially since I love what I do and I'm good at it.
So, if you make your money elsewhere out there in the business world, then go do that. Unless property management is your core business, focus on the stuff you do best, and stop trying to save money in the wrong (time-consuming) areas.
Peace of mind has also been more and more important to me and my family as we approach retirement.
When I was young (and not so smart), I tried to do everything. But guess what—you can’t take it all with you, right? Heaven forbid something were to happen to me unexpectedly, I don’t want my family having to deal with the property management and maintenance issues.
Having this all set up in advance with good people, systems, and processes helps me sleep better knowing I did the best I could for them.
So, personally, my only regret is that I didn’t hire a property manager sooner. But I realize this isn’t the case for everyone.
