When to Hire a Property Management Company or Not?

Image Source

Quiz Questions

1.
How many rental properties do you own?
Image Source
- A.
  1 rental property.
- B.
  2-3 properties.
- C.
  5 properties +
2.
What is the distance from you and your rental property(ies)?
Image Source
- A.
  Less than 500 KM?
- B.
  Out of town?
- C.
  Out of Province?
- D.
  Out of Country?
3.
Rate your management skills:
- A.
  You have no clue about homeownership or managing a property.
- B.
  You have a fair understanding of managing a property.
- C.
  You have experience and a good level of knowledge managing a property.
- D.
  You have extensive knowledge, however, don't have the time to manage it on your own.
4.
What is (are) the condition of your rental property(ies)?
Image Source
- A.
  New construction, still under warranty.
- B.
  5 - 15 years old.
- C.
  15 - 40 years old.
- D.
  15 - 40 years with renovations/improvements.
- E.
  40 years +
- F.
  40 years + with renovations/improvements.
5.
How many units/tenants are you renting out?
Image Source
- A.
  Single-family unit.
- B.
  Duplex/2 units.
- C.
  Triplex/3 units.
- D.
  Multi-residential apartment. (4 + units)
- E.
  Multiple single-family units in different locations.
6.
Cash Flow: What is your financing threshold?
- A.
  You know your debt, income and expense ratios and have room available to pay 5 to 10% Property Management Fee.
- B.
  Cash Flow is tight after monthly mortgage, property tax, insurance, and utility payments are made even after rents are collected on time.
- C.
  You have a lot of equity in the property(ties) and have a strong positive Cash Flow after rents are collected.
7.
What is the age of your current lease(s)?
- A.
  Lease(s) are yet to be established.
- B.
  Existing tenancies with leases 1-5 years old.
- C.
  Existing tenancies with leases 5-10 years old.
- D.
  Existing tenancies with leases 10+ years.
8.
How would you rate your: Communication, Budgeting, Customer Service, Scheduling, Coordinating, and Collection Skills?
- A.
  0 - 4 out of 10 in skills
- B.
  5 out of 10 in skills.
- C.
  6-10 out of 10 in skills.
9.
Is/are the property(ies) currently vacant and in need of special attention?
- A.
  Not vacant, it is fully tenanted.
- B.
  Recently leased, and tenants are preparing to occupy within 30 days.
- C.
  The property is completely vacant with no current prospects.

Quiz Outcomes

1.
You Are a D.I.Y Landlord!
Image Source
Congratulations! You have a good understanding of managing a single, or small portfolio of properties. It is likely that you can Do It Yourself! However, if your time is limited, or you are new to Real Estate Investing and need a little guidance and support to help you with your venture. Click the link below to learn about the support services available that will help you protect the physical and financial aspects of your real estate assets. www.12gpm.com
2.
Real Estate Business Owner
Image Source
You might be new to owning and managing real property and you have access to information, however, maybe you don't know how, or have the time to put everything together on your own. Your primary focus is to generate a positive cash flow and long-term appreciation and you are in the process of building up a large enough portfolio to be able to live off the monthly overflow.You want to remain hands-on until you generate enough income to let go of the steering wheel. That is a good place to be and we have a solution to help you to grow and prosper. If you want to learn about the support services we have for Real Estate Business Owners, Connect with us by visiting: www.12gpm.com
3.
The Professional Real Estate Investor
Image Source
You have mastered the Art of Real Estate Investing, and you know what it takes to acquire, manage, and protect real property assets. You might own a portfolio of properties and your inventory continues to grow every year. As a Professional Real Estate Investor, you own your investments, and your investments don't own you. Your main focus is to generate more passive income through your investments and not hung up on the day-to-day management of them. You only want to see positive cash flow and returns, profits, long-term appreciation, and capital gains. You work with a team of professionals to help you achieve your objectives.You want to avoid the hassles involved when managing properties, and focus on the financial freedom of owning them, and we have a solution: Full-Service Property Management is your answer. To learn more about support services available for Landlords and Real Estate Investors, connect with us by visiting www.12gpm.com

When to Hire a Property Management Company or Not?

Take this short (only 9 questions) Quiz to determine whether or not you need to hire a 3rd party Property Management Company or Do it Yourself Management?

Quiz Questions

Quiz Outcomes