Should I Hire a Professional Property Manager?
apartments.com/Megan Bullock • February 8, 2021
It’s true what you’ve heard — property managers can be an immense help for small-asset landlords like yourself. It’s also true that property managers are a luxury that not all landlords can afford. So before you decide if you can afford one (and need one), let’s dive into what a property manager actually is and what they can do for you.
What Is a Property Manager?
The name is pretty self-explanatory here — a property manager manages property. But what do they do on the day-to-day? A property manager is an employee hired by a landlord to manage the everyday work that goes into a rental property. A property manager:
- Sets the rent for the rental property
- Collects rent from tenants
- Adjusts rent according to competition and market value
- Advertises property to find tenants
- Screens tenants
- Deals with the leasing process
- Handles complaints and emergencies from tenants
- Deals with move-ins and move-outs
- Handles evictions (if it comes to that)
- Schedules maintenance and repairs to the rental property
- Deals with finance and budget aspects
- Keeps things organized and running smoothly
Seems like a lot of responsibilities, doesn’t it? If you’re a landlord, then you’re balancing all of these responsibilities on your own. If things are starting to get hectic, you may want to consider hiring a property manager. Not sure what you want in a property manager? A few qualities will make one stand out from the rest.
Qualities of a Property Manager to Look For:
The most important aspect to consider when hiring a property manager is their attitude. You want someone who is dedicated to keeping the line of communication open, while being able to maintain the property without contacting you frequently with questions and concerns. Their main purpose is to assure you that your investment is being properly taken care of – not only your investment in the property, but your investment in the property manager.
You May Want to Hire a Property Manager If:
- You have too many properties to manage alone. Many landlords can only handle a few properties at a time – so if you’re managing five to ten (or more) properties on your own, you may want to consider gaining the assistance and expertise of a professional property manager. You’ll have peace of mind knowing that your properties and tenants are in good hands.
- You live far from your properties. Do you live more than an hour from your properties? If so, it may be in your best interest to speak with a local property manager who has quick and easy access to the area your rental property is located in. If you’re a long-distance landlord, then you will need to have contacts within the area of your rental property for any maintenance issues or emergencies that arise with the property or tenant. Make it easier on yourself by hiring a local property manager!
- You’re not very familiar with the business. If you don’t enjoy keeping track of every detail of a business, or if you don’t feel secure enough in your knowledge of managing rental properties, then property management probably doesn’t suit you. But that doesn’t mean you can’t own the property – simply hire a property manager who can help you with the parts of the job you prefer not to do (or aren’t comfortable doing), such as marketing the property, screening tenants, collecting rent, dealing with maintenance, etc.
- You’re too busy. Perhaps being a landlord isn’t your full-time job – if you have another career, then you may be too busy to be both the owner and manager of your rental property. Lessen your stress by hiring a professional property manager who can help you keep things in order.
- You have the funds to hire a property manager. There are some properties that you probably don’t need (or can’t afford) to hire a property manager for. But if you feel that you have a surplus of funds to do so without going underwater, then it’s probably a good idea to hire a professional. You’ll feel a weight lifted off of your shoulders knowing that your rental property is being managed efficiently. Property managers or property management companies can charge various amounts for their services. You can expect to pay between 8-12% of the monthly rental value of the property, or you may be charged a flat monthly rate depending on the value of the property.
- You’re struggling to fill your vacant units. We can’t all be marketing pros – and that’s okay! If you’re having trouble filling your units, and you find that they are often vacant despite your efforts, then you’ll likely benefit from the marketing techniques of a professional property manager. They can help you advertise your property and get more tenants interested in and applying to rent your unit.
- If you're still wondering if you should hire a property manager, remember that the most important factor to consider here is budget. If you feel that a property manager would keep you from getting a positive return on your investment (your rental property), then it may be best to continue to do the work yourself. But if you have the funds, and you lack time (amongst other things), then consider relying on the support of a property manager — the choice is yours!
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The Price You Set Can Make (or Break) Your Sale There’s one decision you're going to make when you sell that determines whether your house sells quickly, or it sits. Whether buyers make an offer, or scroll past it. Whether you walk away with the maximum return, or you end up cutting the price later. And that’s your asking price . The #1 Mistake Sellers Make Today: Trusting the Wrong Number If you’re thinking of moving and trying to figure out what your house may sell for, it’s tempting to start with an online home value tool. They’re fast, free, and easy. And you don’t have to talk to anyone. But here’s the problem: they don’t know your house. And that can be a bigger drawback than you realize. Where Online Estimates Fall Short Online tools often lag behind the market. They look in the rearview mirror, relying on closed sales and delayed information. And in that sense, they’re using incomplete data . That’s not a miss in how these systems are built. Some information just isn’t available online. Bankrate explains: “ While these tools can be a useful starting point, keep in mind that they typically do not provide the most accurate pricing. Algorithms can only rely on the information available; they can’t account for things like a home’s condition or renovations made since the last public information was updated.” They can’t see: The unique features that make your house special All the work you’ve put in to keep it in good condition Or, how in-demand your specific neighborhood is right now So, while they may do a good job in some cases, they can’t be as accurate as a local agent who has boots on the ground day in and day out. In a market where buyers have more options, a seemingly small margin of error can cost you thousands if you price too low, or weeks of lost momentum and time if you price too high. If you want to sell for the most money and in the least amount of time, you don’t want the fast answer on how to price your house. You want the right one. That’s why the savviest homeowners today don’t rely on algorithms when it actually matters. They rely on people, specifically trusted local agents. What an Expert Agent Brings to the Table According to 1000WATT , sellers overwhelmingly believe real estate agents have the best sense of a home’s true value, far more than any automated tools. That confidence isn’t accidental. As Bankrate puts it: “A professional appraiser or real estate agent can visit the home in person, assess the neighborhood as a whole as well as the individual property, perform more thorough market research, and consider subjective details.” And those details matter. A skilled local agent doesn’t just pull reports. They know what’s happening right now: What buyers are paying this month, not last month, or even last year How your home compares to the current competition in your neighborhood Which features add value based on what buyers are willing to pay for today How to price your house to create urgency in this market And once an agent steps foot in your house, they may even find your online estimate undershot your value. So, if you stuck with the estimate you got online, you’d actually be leaving money on the table. And no one wants that. Bottom Line While online tools can give you a rough starting point, only a local expert can give you a price that actually works. If you want to know the right number for your house, not just the easiest one to find, let’s talk.
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Top 2026 Housing Markets for Buyers and Sellers W ho doesn’t love a top 10 list? Well, here are two top 10 lists for the housing market this year. But before you take a look, there’s something you should know. If a move is on your radar for 2026, here’s the most important thing you need to understand upfront: there isn’t one housing market this year – there are many. Experts agree 2026 is shaping up to be one of the most geographically split housing markets in years. Some areas are tilting in favor of sellers, while others are opening real doors for buyers. Who has the advantage depends almost entirely on where you are. Selma Hepp, Chief Economist at Cotality, puts it this way: “ Looking ahead to 2026, regional differences will remain pronounced, with demand favoring areas that offer both economic opportunity and relative affordability.” To show just how divided the landscape is, here’s a look at where sellers are expected to have the upper hand, and where first-time buyers may finally find their opening this year. Where Sellers Are Poised To Win Big in 2026 Zillow identified the following metros as some of the strongest seller markets for 2026, based on buyer demand , pricing momentum, and how quickly homes are expected to sell: In markets like these, buyers are going to be competing for limited inventory, which gives sellers more leverage. Homeowners in seller’s markets this year can expect: Stronger buyer interest Shorter time on market Better odds of selling close to (or above) asking price That doesn’t mean every listing is guaranteed success. But it does mean sellers who prepare well and lean on an agent’s expertise should be very happy with their results in 2026. Markets Where There’s More Opportunity for First-Time Buyers On the flip side, here’s a look at where buyers have the power – in particular, first-time buyers , since they’ve had the hardest time breaking into the market lately. Realtor.com highlights the top metros where first-time buyers are expected to have better opportunities in 2026: These markets stand out for a mix of: More affordable home prices Better housing availability Strong local amenities and economic health For first-time buyers, that combination matters. It’s what could finally turn “someday” into “this could actually work.” In buyer’s markets, they should expect: Less intense competition More room to negotiate A clearer path to getting an offer accepted What Matters More Than Any Top 10 List Not seeing your city on the list? Don’t stress. This is just a national snapshot, not a judgment on your local market. The goal here is just to show you how different the market really is depending on where you are. And remember, you can buy or sell no matter how your local market leans. You just need an agent’s help to figure out the right strategy to get it done. For example: A seller in a more buyer-friendly metro may need to be aggressive on their price and prep. A buyer in a seller-leaning area may still need to come prepared with their best offer. To find out where your market falls and what you should expect, you’ll want the help of a local expert. Bottom Line The housing market in 2026 isn’t one-size-fits-all. It’s a year where local conditions matter more than ever. Whether your market leans more buyer-friendly or seller-friendly, the right strategy can put you in a strong position. And that’s where a local expert comes in. Let’s connect.
