Hi @Don Aleshire,
I think its super awesome that you have had zero tenant turnover, which in the grand scheme of being a landlord is half the battle! Congrats! :-)
From a property managers perspective, I also think its great that you've decided to take on out of state self management for very legitimate reasons...Nothing is void of a few challenges, as we can all attest to, so as you embark, I wanted to share a few top reasons our owners choose to hire a management company.
- As @Jonathan Klemm mentioned, passing on this load so that you can be more present and attentive to your family and not be essentially working 24/7, on-call for the needs of tenants and property emergencies... can be worth the management fees.
-Being able to give your tenants the professional experience of timely responses, quick attention to maintenance, using the on-hand already vetted roster of vendors, providing a sense of formal hospitality and customer service... can be worth the management fees.
- Staying compliant with various tenant laws and fair housing policies is also a big factor I hear a lot. Some of our owners have accidentally thought they were handing a situation "right", and because Chicago is a very tenant friendly city, the laws tend to lean in their favor, and it can cost you a lot if you are simply just not up to date on what is proper protocol (for example, what to say, what not to say, what to have in writing, and what not to put in writing, etc)... can be worth the management fees.
-Maintaining your anonymity! Being able to create separation between you and the tenant, can be very liberating; you have an opportunity to stay "the nice guy", while your management company absorbs all the hard conversations, and enforces the rules... can be worth the management fees.
-Rent collection and financial management is probably not at the top of the list based on some of the challenges that we hear about, mainly because if you are lucky enough to have solid tenants and low vacancy, this is easy peasy, but if you have some challenging tenants that default on payments, or the possibility of an eviction arises, it can be worth paying a management company to help guide next steps.
I know this was long, but all the best to you, and I truly love this BP community, because these conversations are so necessary and helpful for a huge spectrum of industry professionals, new and seasoned!