Do I need a property manager to manage my investment property?

This depends on several factors, including your experience as a landlord, the location of the property, the number of properties you own, your availability, and your willingness to deal with the day-to-day responsibilities of managing a rental property.

Here are some things to consider when deciding whether to hire a property manager:

Property managers are skilled and knowledgeable in managing investment properties, which means they have a good understanding of the rental market, rental laws, and changes in legislation. If you're new to real estate investing or don't have experience managing rental properties, a property manager can help you avoid costly mistakes and legal issues.

If you have a busy schedule or live far away from your investment property, hiring a property manager can be beneficial. They can handle the day-to-day tasks such as collecting rent, handling maintenance issues, and dealing with tenant complaints.

Hiring a property manager is an expense and is usually a percentage of the rent collected each month. You'll need to review the cost of hiring a property manager against the time and effort required to manage the property yourself.

A property manager’s role is to advertise your property, review tenant applications, manage the rent and expenses, and ensure the property is being properly maintained. They keep up to date with changes to legislation, complete regular inspections, deal with issues, arrange quotes and repairs as required, assist with insurance and provide rental reviews and keep you informed.

Managing a rental property can involve a lot of work and if you own multiple properties, it can become time consuming and difficult to manage them all on your own.

Most of us have enough on our plates with work, family and other commitments. Hiring a property manager is a great idea and helps to give you back time and remove the stress from dealing with the day-to-day issues. If you decide to use a property manager, make sure you do your research and choose one with experience and an excellent reputation.