Hiring a property management company to take care of your rental properties, may seem like a big step to take if you’re accustomed to handling all aspects of your rental properties by yourself.
However, if you are feeling overwhelmed by everything on your plate, entrusting your rentals to a property management company is one of the fastest and easiest ways to take the burden off your shoulders, while still maintaining ownership of your rentals. If you are on the fence about what to do, you may be wondering if property management companies are all they are cracked up to be.
While it is important to thoroughly vet any potential company, prior to signing a contract, so long as the company is reputable, they will be a great asset in growing your business and taking a burden off your shoulders.
Read on to learn more about how a professional property management company can benefit your business so that you can rest assured knowing that your investment will be worth it!
What Is Property Management and How Does It Work?
Property management is the process of overseeing and managing a rental property. A property manager is responsible for a wide range of tasks, including tenant screening, rent collection, repairs and maintenance, marketing the property, inspecting it from time to time, and dealing with any legal issues that may arise.
Property managers can also provide financial advice and help you maximize your profits.
How Do I Know If I Need a Property Manager?
Hiring a professional property management company provides many benefits, however, it may not be right for everyone. Thus, if you are considering hiring a property manager to take over the day-to-day tasks of running your rental business, take time to access if it makes sense for your situation.
Ask Yourself Questions Like:
- Am I unable to keep up with the demands of my properties?
- Do I own more than two rental properties?
- Are my properties negatively impacting my physical/mental health and/or family life?
- Do I live too far away from my properties to be readily available to my tenants?
- Am I feeling overwhelmed and stressed out by trying to do everything on my own?
- Do I lack the experience and knowledge to handle this job myself?
- Do I lack enough time to do the job right?
- Will I fall apart or feel overwhelmed if I am forced to evict someone or handle another difficult tenant situation?
- Do I work full-time already and how will this impact my ability to manage one more thing?
If you answered yes to any of the above questions, then it may be time to consider hiring a professional property management company. In these cases, the investment is typically well worth the return. As a matter of fact, a professional property management company can save you time, money, and stress, so you can focus on what is truly important without being spread too thin. The professionals will also come with expertise in areas where you may not have much knowledge, so your properties and tenants are better taken care of, and your business can be more prosperous.
What Are the Benefits of Hiring a Property Management Company?
There is a plethora of great reasons to outsource the day-to-day tasks, associated with your rentals to the professionals. Consider them below:
1.) Fill Vacant Properties Faster
Property management companies are experienced in marketing rentals and finding tenants. They keep up to date on the best marketing techniques so your listing gets in front of the right audience, and vacancies can be filled more quickly. After all, empty properties aren’t helping your bottom-line.
2.) Streamline Maintenance and Repairs
Property management companies have relationships with local contractors who can assist with any maintenance or repair issues that arise. They also have the skills and experience to negotiate competitive prices, so you don’t overspend on repairs.
3.) Stay Compliant with Regulations
Property managers know all the regulations landlords must abide by, such as the Landlord and Tenant Act, health and safety regulations, security deposits, and fair housing rules. They can ensure that all the paperwork is completed properly, and all necessary rules are followed. This can help reduce the risk of paying for costly legal fees or tenant disputes.
4.) Increased Profits
Having a property management company handle your rental properties provides you with professional insights on how to make your business more profitable. This could include raising rents as appropriate, using their marketing expertise to create more visibility for your properties, or finding ways to reduce overhead costs.
They will also keep on top of what repairs or remodeling would be most beneficial to your properties and help you to know where to invest in your business, so it can continue to grow and increase your bottom line.
5.) More Time for You
With a property management company handling the day-to-day operations of your rentals, you can spend more time on other business activities, spending time with family, or simply enjoying a well-deserved break from worrying about your rental properties.
6.) Get a Professional Tenant Screening
A good property manager will make sure that the tenants they bring in are qualified, responsible tenants who will pay their rent on time and take care of your property. This benefits your bottom line, your property, and the reputation of your rental company.
7.) Handle Unpleasant Situations
Property managers are experienced in dealing with all sorts of unpleasant situations, such as evictions or late rent payments. Thus, you won’t have to worry about the hassle and stress that comes with these types of scenarios. Instead, your property manager will handle it for you, allowing you to breathe a sigh of relief.
8.) Reduces Turnover
Property managers are able to offer personalized customer service and handle tenant concerns quickly and efficiently. This helps to ensure that tenants stay in your properties for longer periods of time, reducing turnover and the costs associated with finding new tenants.
9.) Keeps Up with Preventative Maintenance
Property managers stay on top of preventative maintenance, helping to reduce the need for costly repairs in the future. This, in turn helps to save money and ensures that your properties are always in good shape, subsequently improving tenant satisfaction, as well as retention rates.
Overall, the benefits of hiring a property management company far outweigh the costs. With their expertise, you can rest assured that your rental business will be handled professionally and correctly, leading to increased profits and a more enjoyable experience for you
So, if you’re looking for ways to streamline the day-to-day management of your rental properties, hiring a property management company is definitely worth it.