“Should I hire a Property Manager?” That’s the question many beginning investors wrestle with. The easy (but unsatisfying) answer is “Maybe”. As with most things in life the real question is do you have the time, energy, and desire to go it alone?
When measuring the Pros and Cons of hiring a Property Management Company, the easiest Pro is that you will (initially) save some money. The easiest Con is that you will (definitely) lose time. Time is by far the biggest factor that ultimately leads savvy investors to understand the value of a good property manager working for them. From understanding your responsibility as it relates to Fair Housing, reasonable accommodations, service animals, comfort animals, and more, a skilled and licensed Property Manager can help you navigate the landmines of rental property ownership.
In Ohio, Property Management is business that requires a real estate broker’s license by state law. It is illegal to sign or negotiate leases for another person or business for a fee without an Ohio Real Estate Broker’s license. There are also fiduciary duties a Property Manager must fulfill when acting as an “Agent” on behalf of a rental property owner. One of the most important fiduciary duties is Accounting. The Licensed Broker must account for all funds entrusted to him/her and NEVER commingle(combine) client/customer funds with his/her personal and/or business funds. Oh, the horror stories we’ve heard! We’ll save that for our next post but remember to never hire an unlicensed property manager!
HPM Property Management performs property management services in Canton Ohio, Akron Ohio, and Cleveland Ohio. While HPM Property Management has Property Managers in Stark County Ohio, Summit County Ohio and Portage County Ohio, we are further expanding into Cuyahoga County Ohio as well. From Apartment Management to single family home property management, HPM Property Management has a full staff of employees to serve your needs. Our full service property management includes rent collections, rental property maintenance and repair, handyman services, and leasing rental property services.
Please contact us today to learn how we can help you take your investment real estate business to the next level.