Is it worth it hiring a Smart property manager or is it better to go about it alone?

5/26/2022 2:14:33 PM

Rental management can be time-consuming and challenging whether you are an experienced landlord or new to the world of landlording. We acknowledge the fact that some landlords prefer going down the DIY route with rental management, however, we also need to agree that it does increase the opportunity for you to fall into potential pitfalls. There are several common mistakes that landlords can easily fall victims to like:

  1. Not Being Familiar with Landlord-Tenant Laws,
  2. Not Screening Applicants Properly
  3. Not Enforcing the Terms on The Lease Agreement (Or Ignoring to Make One in The First Place),
  4. & Treating It Like a Hobby Etc.

Touching on the treating it like a hobby part, it is the most crucial part. It’s important to treat your rental property like the business it is. This means setting up long and short-term goals, setting up a system for banking, accounting and finances. Not forgetting tenant sourcing and screening, maintenance, repairs, marketing, debt collection, invoicing and receipting among others.

After particularly a challenging period of being faced with challenges coming with your rental property, you might find yourself wondering why you decided to get into income properties in the first place and considering whether there might be an easier way to earn passive income.

While several landlords shun the idea of a property manager, fearing that their fees will cut into their profits, it's important to realize that in many cases, the benefits of a property manager far outweigh the costs.

Because they'll be able to take on every aspect of property management from property showings, to tenant sourcing and screening, to preparing the lease and arranging for maintenance; they'll not only be able to save you from a world of hassle, but also help you to save a significant amount of time. This time savings is especially valuable to professional investors -and is something that you may want to take advantage of too.

At the end of the day, the cost of property management is really not a lot in respect of the overall value of an investment.

Better yet, a property management software that will help you automate your rental collection and tenant management with proper technological systems. With the rapid growth of technology in the world right now, it’s only right for technology to swoop in and become the loophole to all the headache and issues that come with managing a property. Under Proptech, SILQU is the name to watch out for.

For those landlords who are still skeptical on outsourcing a property manager to help manage their property or properties, Silqu has got you covered. With us, you can comfortably go down the DIY route as you will get the following services at the comfort of your home and at the click of a button i.e.,

  1.  Automated Rent and Utilities Collection Payment Gateway,
  2. Structured Reports and Financial Statements,
  3. Real Time Payment Alerts and Disbursement of Funds To Any Bank Account,
  4. Tenant, Landlord and Service Providers Management Portal,
  5. Automated Listing Advertisement Etc.

Think of it as a revolutionized property management platform in the real estate sector. One of the perks of Silqu is that it is not only designed for landlords, but also for property managers, property management companies and also agents. Just a matter of making a smart choice and managing the smart way.

So, what's the verdict? Is it worth hiring a smart property manager or is it better to go about it alone? Is overseeing your own properties a huge mistake?

My honest take, you can do it alone with the help of proper technological systems. Brings about the transparency that most if not all landlords crave for.

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