At some point, every real estate investor will ask themselves if they need to hire a property manager. Many landlords manage their properties on their own–or with the help of an assistant, such as a resident manager.
One of the biggest challenges to maintaining a profitable rental property is vacancy. Even when your rental goes vacant–and you’re not receiving rental income–you’re still paying insurance, taxes, utilities, and making mortgage payments.
Many income property owners operate under the assumption that, if they simply hire a property manager, they’re immune from any liability associated with the decisions, actions or negligence of their property manager. This couldn’t be further from the truth.
