Owning property is more complex than Monopoly made it out to be. Yes, of course, you’ll purchase property, pay utilities, pass “go” and hopefully collect more than $200, but a true assessment of leasing property includes far more responsibilities than any Hasbro game.
As a landlord, you are the direct contact between tenants, vendors, and lawyers. You will be in control of collecting bills, receiving and scheduling routine maintenance, and throughout your reign encounter never-ending paperwork. In addition, remember that owning property is only beneficial when the property is occupied. To reap the benefits, you’ll have to sift through several potential candidates to find the perfect match. Overall, the entire process takes time, dedication and typically needs a person who is detail-oriented. If you find yourself stressed, confused, or overwhelmed don’t worry, it can be done, consider hiring a property management company for assistance.
A Property Management Company can relieve a great deal of stress when managing your investment. A property management company will oversee all the legalities of the renting process, saving you potential litigation fees. They have extensive market knowledge, enabling them to set a competitive rent price and effectively market your property. Their ability to find tenants quickly means you’ll deal with fewer vacancies – i.e., lost rent. When tenants have concerns, they’ll contact the company, instead of the landlord. If you need to evict someone, the company will streamline the process for you, eliminating the hassle. They will also keep all your paperwork in order to protect you legally and provide you the most deductions possible on your taxes.
You should consider hiring a property management company if:
You Have Multiple Properties. Keeping of all the maintenance and paperwork for more than one property can be confusing and time-consuming. The more properties you’re overseeing, the more a property management company’s services will benefit you.
You Have Limited Time for Hands-On Management. Dealing with the endless details of managing the property yourself can be almost a full-time job. Hiring a property management company will free up all of those extra hours, especially if you’re interested in the investment value and not involved with all the details.
You Don’t Live Near Your Property. If you’re unable to oversee issues in person, you’ll find property management services indispensable. Even if you’re not renting out your property, you might want a management company to check on things while you’re on vacation or out of the country. This option is perfect for vacation homes or ex-patriots working overseas.
You Want Better Retention. Using a screening process that includes a background check, credit report, rental references, employment, and income verifications minimizes the possibility of enduring a bad tenant. A property management company has numerous resources that help you attract highly qualified tenants and keep them there long-term.
You Want Lower Maintenance and Repair Costs. Not having to find and hire contractors yourself can save you significant money and time. Allowing a property management company this control also avoids any scams or surprise charges along the way. The biggest advantage is that you are no longer the #1 problem-solver for all maintenance issues, repairs, and tenant concerns.
Want to discuss the options?
If you’re looking for guidance through the process or need help attracting qualified tenants, contact Precision Realty & Management, LLC today. In addition to managing your current properties, a property management company can also help you find a new one, using their market knowledge to find you the perfect investment. Let the experts at Precision Realty & Management, LLC put their experience to work for your income property.