Many landlords avoid hiring property management companies because they consider the additional cost unnecessary or assume that property management companies only benefit landlords who don't live close to their rental properties. However, hiring a property management company to maintain your property has several benefits that you don't want to miss.
Saves You Time
Being a landlord takes a lot of time, especially if you own multiple properties. Between tracking rent payments, collecting late fees, preparing properties for new tenants, and dealing with bad tenants, being a landlord can easily turn into a full time job. However, property management companies take care of all of these tasks, and more, for you. This allows you to reap the benefits of your investment without sacrificing your time.
Your property management company will handle the entire tenant screening process to avoid tenants with a bad rental history. Also, many property management companies have a waiting list filled with potential tenants, your property isn't vacant as long as it might be if you were looking for and screening potential tenants on your own. This is a huge plus if you have mortgages on your rental properties.
Lower Maintenance and Repair Costs
Established property management companies often have regular contractors or an in-house maintenance staff that handles repairs to your property. If the company uses an in-house maintenance crew, common maintenance costs are typically included in your contract. While this isn't the case if outside contractors work on properties, you will still usually get a discounted rate on repairs because the property management company sends a certain amount of business to their selected contractors each year.
Setting the Right Rental Rates
Do you know whether you're charging the correct amount of rent for the property that you own? Unless you've completed a thorough market study for similar rental properties in your area, you could be losing money. Property management companies conduct market studies for you to help you determine a good rental price for each property. This way, you can achieve a good balance between maximizing your monthly income and maintaining a low vacancy rate.
Whether you own one rental property or your own several, you can benefit from hiring a property management company. Not only does hiring a property management company save you time, and a lot of stress, but a hiring good property management company saves you a lot of money in the long run. (For more information, contact Condominium Management or another company)