Many landlords choose to manage investment properties on their own but sometimes landlords need more help, and that’s when a property management company might make sense.
Management companies’ deal directly with prospective and current tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to the various tenant complaints, and even pursuing evictions. A property management company helps you avoid the hassles of being the landlord and focus on enjoying the benefits.
Why you should hire a management company
A management company will mainly be handling the maintenance of your investment property. All properties require maintenance however when you have a paying tenant you’re required to resolve maintenance issues promptly. And, regular property maintenance can keep the value of your investment up and in many aspects, keep the property safer; this will actually save you cash in the long run as it will extend the life of your investment.
Depending on the age of a property you’ll probably find more issues; this is why it is crucial your property is thoroughly checked before tenants move in, thus any problems that are found will be sorted out in hopes to cut back the amount of issues and complaints that will occur once the property has been rented out.
There are various kinds of property maintenance that will need to be reviewed and this maintenance will vary from being major issues like roof repairs to minor jobs such as interior painting, carpentry work and landscaping projects.
When should you hire a management company
You don’t live near your rental property. If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You’re not interested in hands-on management. Many landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. But if you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.
Your time is limited. Even if you enjoy hands-on management, you may not have much time to devote to your business, especially if land-lording isn’t your day job.
Hiring a property management company is an attractive option if you can afford the fees, and they range from high to low. Some companies will charge a percentage of what you charge the tenant [perhaps 3% to 5%] while other property management companies will charge you a flat rate fee [$100 to $200 per month].
If you do decide to hire a property management firm, use caution in selecting one and ask questions to compare the services offered.
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About the Author: Carlos J. Gil is a licensed Real Estate Broker and President of Bold Real Estate Group. For more information please forward email to email@example.com