“I need a property manager” The Quiz

Take today’s quiz and find out if you will have to admit, in the end: yes, I need a property manager.

If it happens, and your property is in Central or West London, we’d be glad to help.

But first of all, take the quiz and find out if the answer is: “Yes, I need a property manager”.

 Question no.1: Is Your Rental Property Close to Your Home?

If you answered “NO“, add +1 point.

The more distance you have between you and your rental investment, the harder it will be to manage. If you reside in France and your rental property is in London, it will be harder for you to find tenants to handle tenant issues to quickly respond to emergencies, to take care of maintenance and repairs and even to make sure rent is collected on time.

The time it takes you to get to the property and the cost of getting there will also add up. In situations such as these, hiring a good property manager can make sense and actually save you money.

Read more: Renting out your home if you live abroad.  

Question no.2: How Many Properties Do You Own?

If you answered “More than 2“, add +1 point.

As the number of properties you own increases, so do your responsibilities. The more tenants you have, the more work involved, complaints, and vacancies you will have to deal with. In addition, if your investments are spread across multiple properties, you will spend even more time managing the cash flow of each individual property, as well as physically commuting from property to property to handle issues.

Question no.3: How Much Experience Do You Have with Managing a Property?

If you answered “None, yet“, add +1 point.

If you want to invest in property, but don’t know the first thing about property management, hiring an experienced property manager can be the right choice for you. Learning as you go can become very expensive.

Hiring the wrong repairman or taking too long to fill a vacancy can quickly eat into your potential income.

You need to be aware of regulations you are expected to follow, heating needs to be fixed on time, these are important details to successfully manage your property.

It is also important to note that hiring a bad property manager can also destroy your investment.

This is why it is so important to do your research and thoroughly screen a property manager if you decide hiring one is right for you.

Question no.4: Can You Afford to Hire a Property Manager?

If you answered “Yes“, add +1 point.

Check first that you can afford a property manager. A Property Manager will charge a fee, on average, between 5% and 8% of the monthly gross income for the property. If you have more than one property that needs to be managed, the fee would be lower than average.

Question no.5: Do You Have Time to Manage Your Property?

If you answered “NO“, add +1 point.

If you have a full-time job while you are investing in property and simply cannot give your property the attention it needs, the success of your investment could depend on hiring a good property manager.

Also, realize that time is money and managing a property requires time. If you feel like the daily obligations of property management are taking away time that could be better spent making more money at your other job, or looking for other investments, hiring an outside manager may be the right move for you.

Question no.6: Are You Willing to Give Up Control?

If you answered “Yes“, add +1 point.

Property managers can be in charge of everything from collecting rent to liaising with your accountant. You need to be ready to give someone control over your investment. Do they have experience and passion for your investment?

Question no.7: Are You Willing to Take on The Liability of a Property Manager?

If you answered “Yes“, add +1 point.

Property managers can make decisions on your behalf, but they can also make mistakes on your behalf.

Question no.8: Do You Have a High Vacancy Rate or Problems With Your Cash Flow?

If you answered “Yes“, add +1 point.

Good property managers are experts at finding and weeding out the bad tenants quickly and will have a network of reliable, cost-effective repairmen to handle emergencies. Most professional property managers will also understand the law placed on landlords, thereby reducing future risks.

Question no.9: What is Your Tolerance for Dealing With Tenants?

If you answered “Low“, add +1 point.

Is the stress of dealing with evictions, complaints and maintenance issues taking a toll on you? Property managers are experts in handling landlord-tenant conflict. They have an understanding of the law and can serve as the middle-man. In addition, if the tenant knows they are dealing with a third-party, they will act more professional as well.

You do not have to hire a property manager just because you are new to property investing, have many units or are having trouble filling vacancies. You need to make that decision yourself and decide what works best for you.

However, if you scored more than 4 in this test, your most likely answer is Yes, I need a property manager”.

If your property is in Central or West Central London, please do not hesitate to contact us on +0208 994 7327 – pm@bluecrystallondon.co.uk 

Would you like to network with people interested in property like you? Check the West London Property Networking!

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