Whether to manage a property independently, to hire an employee such as a resident manager, or to work with a professional property management company is a decision many building owners consider carefully. As a building owner, you probably want to ensure you get the most return on your investment, so the option to manage your own property is compelling. However, the reality of property management is not always so straightforward, and you simply may not have the time or expertise required to properly manage your property. So let’s take a closer look at what services property management companies offer and whether it’s in your best interests to hire a professional firm to manage your property.
Property Management Services
Generally speaking, property management companies are the go-between for building owners and their tenants. They screen potential tenants, collect rent, conduct inspections, and ensure that your property is inhabited or utilized by quality tenants. In addition, property management firms will take care of all maintenance and repairs of your building, respond to tenant complaints, manage moves, and even conduct evictions. Quality property management firms employ their expertise in advertising vacancies, and because they are independent contractors you are free from the hassle of acting as an employer.
Benefits of Hiring a Property Management Company
So now for the question, “when should you hire a property management company?” There are many advantages to working with professional firms, but building owners are sometimes dissuaded by the associated cost. While property management firms are not the cheapest option for managing a building, they are often the most effective option. When you work with property management professionals, you leave the care of your building into trustworthy hands and all you need to do is collect your profits.
Some factors you should consider when you’re deciding whether hiring a property management company is a good choice for you include:
- You own multiple properties and it is not feasible for you to manage them all on your own. Moreover, managing multiple residential managers is also challenging.
- You live in a different city than your rental property making it very difficult to manage day-to-day operations of your property or properties.
- You prefer a hands-off approach to property management and you’re looking for an option that requires little oversight or effort on your part.
- Your business ventures keep you busy enough already and your time is too limited to properly manage your property or properties.
- The cost of property management companies is affordable to you.
- You’re overwhelmed by management tasks or the requirements of being an employer.
If some or most of these statements are true for you, it is probably advisable to hire a property management company for your rental property. You’ll enjoy the benefits of real estate investment without the time and cost of managing the investment on your own. company structures . office for rent . banking .