The nice part about being a landlord/lady is the passive income stream, meaning you don’t have to be present to make money, but that doesn’t mean there isn’t plenty of work to be done. You can do all the work, or hire a property manager if you’re willing to pay someone else to do all or part of what you don’t want to do.
So which makes the most sense for you? You should manage your own rental property if you are:
residing reasonably close to your rental
financially able to carry the costs of your rental while vacant
prepared to run your rental as a real business
able to market your rental
able to meet potential renters to show the home and negotiate leases
willing to do background and credit checks on potential renters
willing to collect the rent and enforce late notices and fees
willing to address tenants’ complaints in a timely manner
willing to deal with problems at any hour, day or night
handy with tools or have a good reliable handyperson on call
unafraid to deal with and evict bad renters legally
willing to abide by court decisions in any tenant-landlord dispute
Depending on where you live, how many properties you own, and which services you require, you can expect to pay 5 to 15 percent of your monthly rental fee to a property manager.