Problem page
Tired of being a landlord? Keep the building, hand off the work
Being tired of being a landlord does not mean you have to sell. On the North Shore, professional management of a building with three or more units costs from 6% of rent with Copper Bottom, and it takes the tenant calls, the turnovers, the deposit paperwork, the maintenance and the books off your plate while you keep the income, the equity and the decisions. This page is an honest look at when that trade is worth it.
Your three options
Keep self-managing
Right if you have the time, live nearby, enjoy the work and have the paperwork under control. Wrong if any of those has stopped being true.
Hire a manager
You keep the building and the income. The manager takes the work for a percentage of rent. The decisions over $500 and the big ones stay with you.
Sell
Right if you need the capital or want out of real estate entirely. Selling a building that is well run and fully rented brings more than selling one that is tired, which is a reason some owners hire a manager first.
What hiring a manager actually changes
- Tenants call a maintenance line and use a portal; you stop getting the 10 PM calls.
- Rent is collected online, late notices go out on schedule, and you get a statement every month.
- Turnovers are priced, advertised, screened and leased by a licensed broker, and the unit is turned by an in-house team.
- Help keeping up with deposits, lead paint, detectors and local registrations, with everything documented.
- Repairs up to $500 happen without a call. Above that, you decide.
An example, not a forecast
A four-unit in Revere collecting $9,000 a month. Management at 6% is $540 a month, $6,480 a year. If self-managing costs you six hours a month and you value your time at $50 an hour, that is $3,600 a year of time, before counting a single avoided mistake or a unit priced $150 below market. Whether the trade is worth it depends on your time, your distance from the building and how much you like the work. We will tell you honestly which side of the line we think you are on.
Questions
Can I hire a manager for just part of the job?
Our rental management is full service, because splitting the job between an owner and a manager is where things fall through. We are honest if full management does not make sense for your building.
Will I still be able to use my own contractors?
Yes. Tell us who you want used and we put them on the building's vendor list.
What if I decide to sell later?
Nick Cowden is a licensed broker and can help you sell when the time comes. A well-managed, fully rented building with clean records is easier to sell and usually brings more.