Why Not Have A Relative or Neighbor Manage My Property?
Think again. I’m often asked this by potential clients. On the surface, it seems like a great idea, right? But if you dig a bit deeper, you’ll see why hiring a professional property manager is the smarter way to go.
Your relative/friend is close by and can take care of emergencies or meet vendors at any time.
Well, probably not. They likely have a full time job or obligations. Just like your tenant, they’ll need to take time off from work so they can’t really handle this.
They are trustworthy and will check on things periodically.
I’m sure they are. But just like any other transaction with a family member or friend (such as a loan), it is a good idea to have a contract. With a professional property manager, you’ll have a legal document on which to rely and you won’t take the risk of damaging an important life long relationship.
My homeowners insurance will cover anything that happens to my home or them.
Not likely. When you hire a property manager, they carry insurance for professional and general liability. If something does go wrong and it is your relative/friend’s fault, are you going to sue them to recover damages? That doesn’t sound like fun.
I’ll save money.
Will you? Fees that you pay a professional may be a deduction on your rental which is a depreciating asset. Check with your accountant to be sure, but in the long run, hiring a property manager may save you more money, both in actual dollars and peace of mind!
Remember that a professional property manager sets up a schedule, tracks visits on a calendar, makes sure that regular preventative maintenance is performed and has a contractual obligation to perform those services.
Check back in two weeks for another reason or an example about one of my service areas:
- Residential Rental Management
- Home Watch
- Prepping a Home for Sale or Rent
- Service for Your Own Home or Small Office
Do you know someone who has one of these needs? Have them get in touch – email@example.com
Excellent reasons to hire a professional! Also there is an old expression that “familiarity breeds contempt.” another great reason not to compromise your privacy with a friend or relative.