One of the most important decisions you’ll make as the owner of a rental property is whether to hire a property management company. Many landlords manage their properties on their own or with the help of a resident manager, but in some cases, they need more help.
There are many factors you should keep in mind if you’re thinking of using a property management company. They can be very helpful to your business, but they can be expensive when compared to the cost of doing it yourself.
What does a property management company do?
Property management companies take care of everything from marketing your property and collecting rent to maintenance issues and tenant complaints. Their experience and expertise can provide you with peace of mind. Learn more about what property management companies do here >>
When should you hire one?
Depending on a property management company isn’t for everyone. Hiring one comes with both pros and cons. We recommend that you consider the following items when deciding if a management company is right for your rental property.
- You have several properties/rental units
- Your rental property is too far from your primary residence
- You don’t want anything to do with hands-on management
- Management is taking up too much time
- You can afford it
- You’re overwhelmed with management duties
- You don’t want to be an employer
- Your property is part of an affordable housing program
How to find the right property management company
If you decide to bring on a property management company, be mindful when choosing one. We recommend taking the following steps before making your final decision:
- Ask your colleagues and the local apartment association for recommendations
- Search professional directories on the Internet
- Interview all the companies you’re considering before making a selection