Hiring a Property Management Company – Pros and Cons
Owning rental property can be a lot of fun, but it can also be a lot of work. While many landlords have really amazing experiences, there are just as many who do not. By hiring a property management company, you can take the worries and time-consuming tasks that come with managing a rental property and pass them along to a professional. Before you make a move towards hiring a professional rental management company, take stock of your property and decide whether or not the costs will be worthwhile.
The Pros of Hiring a Property Management Company
They Can Find Tenants for You
A professional management company can handle the marketing for you and your property, placing ads and screening calls from prospective tenants. When someone responds that fits the qualifications you have given the property management service, the company will call you!
They Can Act as Your Liaison
Good customer relations are essential, and if you have a large business you may not have time to keep a relationship going with every new tenant. If you hire a rental management company, they can help step in and fill this role for you. Professional property management companies can also field complaints and requests for repairs or maintenance instead of leaving all of this up to you.
They Can Handle the Finances
If dealing with the financial aspects of being a landlord doesn’t appeal to you, or you simply think it would be better to have someone else handle this part of your business, a property management company might be a great fit for you. Professional property managers collect rent, deposits, and any late charges that might occur. No more having to remind tenants of a late payment!
They Know the Local Laws
Because there are specific laws that deal with rental properties, hiring a property management service can be your ticket to greater understanding of these laws for your own benefit. Having a professional in your corner can be enormously helpful and also help you avoid any potential legal blunders while managing your rental property.
They Are Well Connected
Any professional rental manager worth mentioning is likely to have connections with other professionals and groups in your area. When you need to hire someone for a repair, upgrade, or replacement your manager will be able to recommend someone they know or have worked with before, helping you get the job done right the first time.
The Cons of Hiring a Property Management Company
They Cost Money
Really the only con of using a professional rental management company is the cost. Many landlords will avoid signing on with such companies because they are worried that doing so will affect their profit margin a little more than they would like.
There are many advantages to hiring a property management company; peace of mind and the knowledge that they will call you if something truly important occurs are all valuable things that a business owner can definitely appreciate!
