Managing multifamily property requires skill and patience. Consequently, several multifamily property owners are inclined towards hiring a property manager to handle their valuable Norfolk investment. However, the bigger dilemma is whether you should hire an on-site property manager or an off-site property management company.
Over the course of our work in the Norfolk real estate market, we have observed both the advantages and drawbacks of hiring on-site property managers. Here, we briefly highlight the benefits and downsides of hiring an on-site manager for your Norfolk multifamily property, to help you make an informed decision.
Benefits of Hiring an On-Site Property Manager
Hiring an on-site manager has considerable benefits as they monitor your asset and the tenants more closely. Here's how they manage your property more effectively than others.
Keep An Eye On The Multifamily Property
The key benefit of hiring an on-site property manager is that they can keep an eye on the property at all times and not just during office hours. They can see if the tenants are using the units responsibly and if they are abiding by the terms of the lease. They are also able to conduct routine inspections with ease.
Quickly Address Maintenance Issues
On-site property managers can promptly address all major and minor maintenance issues. It is also easier for the tenants to reach out to these managers. They can get urgent fixes done by themselves and be present at the time of all the repairing work like plumbing and fixing the roof.
Recommend Suitable Upgrades For Your Multifamily Property
As on-site managers live on the property, they know if it is time to re-paint the home or if any remodeling and replacements are required. They can assess all the appliances and utilities and suggest the most essential upgrades to improve the rental appeal and market value of your property.
The Downsides of Hiring an On-Site Property Manager
While there are significant advantages of hiring an on-site manager, you also need to know the downsides of hiring one before deciding what’s best for your Norfolk multifamily unit.
Higher Salary Costs and Other Expenses
Since the on-site property managers work for you full time, you are required to give them their salary and other benefits such as health insurance, job-related expenses like travel, and extra charges if they do any trade work like plumbing, fixing a doorknob, or dry-cleaning the curtains by themselves.
They Have Fewer Resources to Help You with Tenant Screening
On-site managers generally work on their own. They can follow the legal procedures for screening, but unlike bigger property management companies, they do not have a large network to screen the tenants thoroughly, check their credit reports, past evictions, criminal backgrounds, disputes with the landlords, or other issues.
They Cannot Manage Multiple Properties
On-site managers are focused on handling the day-to-day operations only for one multi-family property and the tenants living therein. In addition, over time, they may develop a sense of complacency which can result in mismanagement of your property.
While there are certain benefits that an on-site property manager can offer, we recommend that you hire a property management company that is trusted and reliable, like Doud Realty Services. The reasons are simple. Property management companies generally have better resources, can function independently, and can manage multiple properties, from single-family homes to condos to multi-family units, or even commercial properties.
Doud Realty Services has been a part of Norfolk real estate for over 20 years and we know the nitty-gritty of multifamily unit rentals in the area. Our property managers are highly skilled and experienced in effectively handling multiple properties to drive ROI and enhance your leasing experience.
For more information, connect with us at Doud Realty Services.