The first question rental property owners often ask themselves is “Can I afford a professional property manager?” As you consider the answer, there are a number of additional questions you should ask yourself:
What effect on my lifestyle does the day-to-day responsibility of the property have?
If I don’t keep up with necessary maintenance, what will happen to the tenancy of the property?
Why have I not risen rents to the market?
What do I currently do to retain and attract tenants?
Is there someone to watch over the property if I’m not there to do so?
Am I making the type of return I expect from this asset?
If you take the time to consider each of these questions honestly, I believe you will ask yourself one final question. “Can I afford NOT to hire a professional property manager?”