If a property owner manages a growing number of investment properties, it’s inevitable that the day will come when they ask, “Should I outsource the day-to-day operations of my business to a property management company?”
Deciding when to outsource and which company to hire is one of the most important business decisions a property owner can make. Choose wisely, and an owner will be rewarded with the peace of mind that comes with responsible property management. Choose incorrectly, and an owner will end up working harder after hiring a property management company.
Whether an owner owns one or one hundred properties, it’s important to consider whether or not they’re prepared to hire a property management company. Handing over the management of property is a major decision. Before making that choice, owners will want to make sure they understand the following:
- The implications of self-owned management;
- The pros of outsourcing management to a third party;
- The corresponding cons; and,
- The alternatives to outsourcing.
Let’s take a look at each consideration in detail.