When is the best time to bring in a Property Management company?

5
Jun

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A lot of landlords oversee their property rentals on their own or with the aid of a resident manager. But there are times landlords need more help because not even resident managers can take it all in and that’s when a property management comes in.

These are the things landlords should consider in hiring a great property management company:

  1. Too many rental properties to manage.  With lots of properties on your hands, the more likely you need to have a property management company behind you.
  1. You are not near the vicinity of your rentals. It might be difficult for you to handle issues in your properties with your tenants when you are from the other side of town. With the help of a property management company, they can be beneficial in ironing out issues which you may not be able to deal with from a distance.
  1. No experience in managing property rentals.  For first time landlords, managing rentals may be a lot to take in. There will be plenty of important things to think of like screening tenants, property repairs and maintenance, marketing your property etc. The kind of stuff, property management companies are already an expert of.
  1. You don’t have enough time. This is especially for landlords that have other business or investments to attend to. If you don’t have a lot of time in your hands to deal with your property rentals then hiring a property management company would be a great idea.

5.  Hiring employees can be inconvenient. When you hire a resident manager or another employee to help you out with your property rentals, that would be an additional responsibility in your part since you have to consider payroll and other legal requirements. But since a property management company is not your employee (they are considered to be independent contractors) it will save you time and effort.

With so many factors to consider, it’s best to hire a property management company that you can trust and  will take better care of your properties the way you would.