Whether you’re new to the landlord game or have been renting properties for years, it’s always a good idea to consider hiring a property management company. With help in tenant communications, rent collections, maintenance calls, and move in/move out inspections, as well as tenant recruiting and marketing, management companies provide a wealth of services that take the stress off of you.
If you live nearby your rental property and are willing to be hands-on with your tenants, maintenance, and emergencies, you may be able to get away without hiring a property management company. There are some key considerations to think about when making that decision, based on various factors:
- Proximity to property. If you’re several hundred miles away, it’s not easy to check up on or maintain your property. You’ll need to have a list of trusted vendors on hand in case of emergencies – such as plumbers, electricians, and general maintenance providers. Service calls to the property can add up, especially if it’s a routine repair that you could have done on your own or that a resident handyman provided by the management company could cover.
- Number of properties. If you have multiple rental properties, it can be hard to balance everything it takes to run them and keep up with rent payments, moving dates, and tenant issues.
- Little time for tenant management. Finding and screening tenants, marketing available properties, and handling inspections can eat up a lot of your time, especially if you have other employment.
- You need your own employee. If you’re finding yourself thinking about hiring an assistant or manager of your own to handle your properties, hiring a property management company may be a more cost-effective option.
There are plenty of reasons why property management companies could be the best solution for your rental situation. It all depends on how much of the work you’re willing to take care of on your own and how much you understand the legal part of the game, like lease agreements, inspections, and possibly evictions.
You can always learn more about the solutions and services Alliance Property Management offers landlords by contacting us. We can explain more about the benefits you can receive from hiring us,including giving you back the time and freedom you deserve while still earning your rental income.