Property management companies can be invaluable, whether you own one property or several. By weighing the pros and cons of hiring a company to run your rental business, you may discover that the benefits of property management are beyond what you thought.
Here are the top ten benefits a quality management company can provide to you:
1. Faster Placement. Property management firms know how to successfully market and advertise your rental property through the right channels, making finding tenants quicker and easier than if you were to do it on your own. The less time your property sits empty, the less rent will be lost.
2. Quality Residents. Management firms have the tools and knowledge to properly evaluate potential tenants. With quick screenings and a keen eye for red flags, a tenant can be placed fast and you can be assured they’ll be a quality tenant you can trust.
3. Saving Money. With in-house maintenance staff and contacts with certified outside vendors like plumbers, electricians, and HVAC specialists, property management companies can provide repair services at a lower cost than you may be able to obtain yourself.
4. Rent Collection. You won’t have to worry about phone calls, knocking on doors, or fretting about late payments. All that work is done for you, often with online or automated systems that make it easier for tenants to pay and for you to receive the money. They are also the ones to enforce delinquent payments so you don’t have to worry about it!
5. Simplified Accounting. A good management company willprovide reports on the properties and even offer tips about tax deductions and more, helping you stay informed about the money going into and out of your rental properties.
6. Higher Retention. Keeping tenants happy should be a main goal of any landlord and management team. Happy tenants often stay through multiple leases, helping you retain and maintain a resident without vacancy.
7. Increase Property Value. Satisfied tenants also tend to take better care in keeping the unit maintained and cared for, helping you continue to build value on your investment. This also goes hand in hand with having quality maintenance and contractors to fix any damage that does happen correctly and promptly.
8. Avoid Legal Issues. With the proper screening and knowing how to handle legal problems, property managers can swiftly solve issues that arise with the expertise you can trust. You won’t have to spend hours researching how to properly evict a problem tenant – your managers can handle it, following procedures they know inside and out.
9. Reduce Stress. Imagine no phone calls in the middle of the night, no maintenance emergencies, no worrying about rent, paperwork, or lease agreements. All that work is done by your property managers, leaving you with little to worry about when it comes to your rental property!
10. Enjoy Your Freedom! With the stress of managing your own property gone, you are free to enjoy the things you love and strive for – travel, hobbies, family, or career can all become your focus instead of spending time on your rentals!
The benefits of hiring a quality property management firm are easy to see. If you have multiple properties, feel buried under the paperwork and management tasks, or you’re ready to get some extra time to yourself, consider a management company to run your rental units!