According to one of our recent reports at CorporateHousingbyOwner, we discovered
that around 82% of property owners are taking care of their own property management.
While it’s certainly possible to do, is it always a good idea? Do you really need a property manager? Let’s look at the pros and cons of working with property managers,
tips on finding a great property manager, and how you can take care of some of the
management on your own if you need to.
Benefits and Drawbacks of Having a Property Manager
Trying to manage your fully furnished apartments for rent is not an easy task, and
working with a property manager does make the entire process far simpler. A good
property manager can ensure you do not have any vacancies for extended periods, and
they can screen tenants, take care of all of the maintenance, collect rent and take care
of all of the other duties of running the property. Most will handle all of the marketing of
the property for you as well.
Those who have furnished apartments for rent but who have other fulltime employment
often find it difficult to ensure their rental properties get as much attention as they
deserve. This often leads to “less than desirable” properties that soon become difficult
to rent out as corporate housing. Consider all of the different tasks the property
manager will be able to handle for you. They can place the rental ads, take care of
repairs and fixes around the house, and ensure it is ready for the next tenants looking
for a short term rental. This will give you time to take care of other things, such as your
family, social life, and your current job.
Working with a property manager also means that you will not have to worry about the
tenants. Whenever they need anything or have an issue, they will go through the
property manager instead of you.
Of course, this does come at a price though. Property managers need to receive
payment for their services, naturally. The amount will vary depending on the particular
manager you choose, and they may charge service fees in addition to a percentage of
the rent that you charge the tenant each month. You could forego using a property
manager to help with your furnished apartments for rent and potentially make more
money. However, it will come with quite a bit more work.