When To Hire Property Management
Managing a property which you rent out can be a full-time job, it can be demanding, and you can never switch off from it, and you need to ask yourself if being a landlord is worth it? Hiring a property management company can be expensive but it does have a lot of advantages, but do you need one?
How Many Properties Do You Have?
If you have more than one property or rental unit, you’re more likely to benefit from a management company.
Do You Live Near By?
If your rental is far away from where you live then hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
Do You Have Spare Time?
If your time is limited, even if you enjoy the hands-on management, you may not have much time to devote to your properties.
Can You Afford It?
If you can afford the cost then hiring a property management company is an attractive option.
Is It Right For You?
Some people enjoy the job of being a landlord. They enjoy the challenge of finding suitable tenants and get great satisfaction from maintaining a safe and attractive property. Others are not so keen, so if you only see owning a rental property as an investment and want very little or nothing to try to with the day-after-day management of your properties, consider hiring help to manage your property.
What Are The Benefits?
You are likely to get higher quality tenants because a property management company will do tenant screening and will find you, tenants who pay on time, rent longer, put less wear and tear on the unit and generally cause fewer problems.
A seasoned property management company has seen thousands of applications and is aware of a way to quickly dig for the essential facts about candidates and analyze that info for warning signs.
A property manager will suggest and oversee cosmetic improvements that maximize revenue and also determine the best rent rate. As well as this, they can effectively market your property, they have written hundreds of ads and understand what to say and where to advertise to get a larger pool of candidates in a shorter period.
Additionally, because of their volume, they can usually negotiate cheaper advertising rates both online and offline.
Lastly, they’re acquainted with sales and shrewdness to shut after they field calls from prospects and take them on showings.
A company like Leland Cherry even look for places for tenants dependent on their needs. If they need parking and easy access to the highway, they find the right place and a good property management company will have a time-tested tenant retention policy that ensures happy tenants with extended stays in your properties.