Some of our clients start off a little hesitant. They don’t quite know why to hire a property manager, and they figure some problems will come up that we’re not telling them about.
In case you’re having similar concerns, we’ve put together the top 11 disadvantages to hiring a property manager. These are the hidden “costs” of property management you never knew about.
1. You don’t know what to do with all your free time.
You used to spend it dealing with tenants, repairs, and paperwork. What will you do now? Golf, anyone?
2. You don’t know your tenant’s name off the top of your head because you never deal with him.
Or is it a her?
3. You have so much income, you move up a tax bracket.
Maybe it’s time to hire that accountant after all.
4. You’re consumed with thoughts of buying more property.
Everywhere you look, you see dollar signs. Now that you’ve experienced earning cash flow while someone else does the leg work, you can’t quit searching for properties.
5. Your mortgage calculator is the most used app on your phone.
“Hey Siri, how’s my cash flow looking this month?”
6. You have too many tax deductions to handle.
Rental properties come with so many opportunities for tax deductions you might owe your accountant a little more for catching them all.
7. You don’t know any plumbers, carpenters, or electricians because you never deal with tradesmen anymore.
And you can’t remember the last time you had to make a repair yourself.
8. Your phone doesn’t ring as often.
Guess who’s not calling you? Tenants.
9. Your friends who aren’t in real estate stopped inviting you to dinner because they’re scared to ask what you’ve been up to.
You’re making bank, and everyone knows it… including your friends!
10. You’re so relaxed you have a hard time getting upset about anything.
And so much time for vacation you can’t decide where to travel to next.
11. You’re thinking about competing in a reality show.
You’re winning in real estate…. Chances are you’d win the show too!
Okay, you’ve been warned about the “cons” of property management. There are a lot of reasons people choose to work with us at LEAP Property Management – don’t let these obstacles get in your way!