One of the biggest decisions a landlord has to make is whether or not to hire a property management company. Many landlords are able to manage their property on their own or with the help of another employee, but sometimes they need more help. Property companies can be very helpful when a company grows very quickly, for instance.
Property management companies can be a huge asset to your business. They will be able to provide regular maintenance and repairs for your building, making owning a property more time efficient. A property manager will help a property owner manage the tax reporting and responsibilities involved. A manager allows a building owner to have access to certified professionals to maintain their property. Hiring a property manager allows a landlord to reduce some of their responsibilities by outsourcing them to a third party and enables you to potentially leverage established vendor relationships, staffing efficiencies and best practices for preventative maintenance programs to minimize costs.
You will likely benefit from a property management company if:
You have multiple properties or a lot of rental units. More property means more management needed. Property management companies have the resources.
You don’t live near your rental property. If this is the case, hiring a property manager that’s closer in proximity will undoubtedly benefit your tenants by providing them with more immediate support and service.
You’re not a hands on kind of landlord. Perhaps your property is strictly a business venture and you’re not interested in participating in the day to day maintenance. Property management services could come in handy.
You have a limited amount of time on your hands. Even if you’d prefer to have a more hands on approach with your tenants, perhaps your schedule just doesn’t allot you the appropriate amount to time to invest in doing it.
Rental property managers deal directly with prospects and tenants, saving landlord time and worry over marketing, rent, maintenance and repair, complaints and even pursuing evictions. Good property companies bring a level of experience to your property that helps you trust that your investment is in good hands.