When hiring a property management company to handle your investment property, it’s easy to focus only on the expense and not the advantages it brings. It’s natural to wonder, “Is It worth it?” If you’re debating this yourself, here’s a quick rundown of the top five reasons you should hire a property management company.
1. You’ll make more money.
You know the old saying, “You have to spend money to make money”? It’s true even
2. Shorter periods of vacancy.
When you work with a professional property management company they have years of experience in finding and vetting high quality tenants for their landlord clients. They know what works, what doesn’t and have proven systems in place. They’re not wasting countless hours refreshing a free Craigslist “home for rent” post each morning. Also, they regularly have prospective tenants contacting them asking about available properties, wouldn’t you like to have yours included?
3. No more guesswork when determining your rental rate.
Let’s face it, pricing can be hard! Especially when you might have some personal or sentimental attachments to the property. To create a rock solid pricing strategy you need to understand current market conditions, have a finger on the pulse of neighborhood availability and insight about any upcoming developments that might affect property values. Curious what your property could rent for? Request a FREE rental analysis here.
4. Timely rent payments.
Collecting rent payments and handling late fees is an extremely important aspect of property management. To ensure you make a profit and have reliable cash flow, rent must be collected on time every month. This can create uncomfortable situations when tenants are late, having personal issues, or are in serious breach of their lease agreement. Having a property management company working on your behalf can create a buffer that alleviates a lot of the stress of being the “bad guy.”
5. Lower repair and maintenance costs.
When you hire a property manager you get access to their contacts and resources as well. This alone can save you hundreds – if not thousands. Instead of you hoping you’re getting a good deal, they know for a fact whether you are or not. In addition to having trusted and vetted contractors at your finger tips, you may also receive a discount for being one of the property management companies managed properties. There’s strength in numbers!