Why hire a property management firm?Posted by Jordan Muela in Property Management Articles
Why hire a property manager when you can do the work yourself? There are plenty of landlords that manage their own properties so why cut into your precious rent money to pay someone else to do it?
Here are my top 3 reasons why hiring a property management firm might be for you:
- More revenue - Here's the breakdown:
- Better advertising = shorter vacancy cycles
- Better tenant screening = longer tenancies
- Better rental rate surveys = charging as much rent as possible
- Better rent collection = getting paid on time each month
- Lower costs - Here's the breakdown:
- Better tenant screening = fewer trips to court and less wear & tear on the unit
- Better preventative maintenance plan = fewer maintenance costs
- Better maintenance and repairs = lower costs and better quality work
- Better understanding of the law = less exposure to lawsuits and court judgments against you
- Less stress and more time
- Its hard to put a dollar amount on the peace of mind afforded by not having to deal with the day to day landlording tasks, especially dealing with tenants. Landlording is definitely not for everyone and if you don't know what your doing things can ugly pretty quick. Property managers are on call 24/7 for emergencies regardless of the time of day, holidays or vacations. Additionally, many investors are able to spend their time on more profitable activities and are not able to match the efficiencies that full time professional management firms can achieve.
These are all compelling reasons, but they are only applicable when you find a quality property management company. Use our "Guide to Hiring a Property Management Company" to find out what questions to ask and where to get the answers. Remember that performing due diligence during the hiring process is the only way to ensure you're handing the keys over to someone with the skills and integrity to make your investment shine.
Are you a quality property manager?
- Property Management Fees - Part I
- Property Management Services - A Complete List
- Hiring a Property Management Company
- What Are The Benefits of Using a Property Management Company?
- Property Management Fees - Part II
- Contract Termination
- Handling Tenant and Owner Funds
- 11 Questions for Determining if You Need a Property Management Firm
- What to Look for In a Property Management Contract
- Benefits of Using A Property Management Company