Reasons to Hire a Management Company
Hello fellow investors!
A question that many investors might have, is should I self-manage this asset/investment? Or should I hire someone to do it for me? Well, there are many factors to consider, however, there are a couple basic questions you need to ask yourself before you make this decision. For example:
Do I have the time to allocate towards maintaining this investment?
Am I prepared to stay proactive and deal with the stress of handling my investment?
If you answered yes to these questions, then great; you don’t need a management company. You are prepared to be responsible for handling maintenance and repair issues, marketing, filling vacancies, collecting rent, evictions (if needed) and responding to complaints, etc.
These factors take a fair amount of time and effort that some investors, who may be prepared to deal with these issues, may not want to deal with them or even have the time. So if you answered no, then perhaps an asset management company is right for you.
Here are some reasons to hire a management company:
An asset management company deals directly with all of the issues concerning your investment, which can save you a lot of time, worry and stress.
The day-to-day issues of asset management can be a pain. A company will assume management responsibilities so that you are able to take care of more important matters.
Using a management company instead of hiring an individual to manage your asset allows you to forego the duties of having to be an employer. A company is an independent contractor meaning you are not its employer.
Living far away from your asset may be a challenge. If this is the case, then hiring a management company is a great option. In this case, a management company can immediately deal with issues directly that may be difficult if you are far away.
If you want to know more or have any questions about if a management company is right for you, please contact us! Hope you enjoyed this post.
At your service,
Ernest Furtado
Senior Manager, Vision REMS
Ernest@visionrems.com
