When it makes sense to hire a property manager

[Stanley Thomas]

I’m looking at a few potential rental properties that are about an hour away from home. As such, my wife recommended that we hire a property manager to manage them. Any advice on when it makes sense to hire a property manager? How far is too far away from home that would justify hiring one?

[Nathan Gesner]

Whether you are hiring a property manager, an office manager, a virtual assistant, a plumber, or someone to mow your lawn, it all depends on your cost/benefit analysis.

The biggest task with rentals is turnover. You can handle the inspection, maintenance, and cleaning. Hire a property manager to handle the marketing, showing, tenant screening, and getting them under contract. Then they can let you take over management from that point. I do this all the time for about 20 Landlords and they love it because I give them quality tenants and they handle the day-to-day rent collection, maintenance calls, and drive-by inspections.

I don't think one hour is that big a deal but you have to decide for yourself. If they are lower-class properties with more maintenance issues or higher-risk tenants, then they will take more time. If they are upper-B or A properties, you can probably handle them yourself.