As a landlord, it’s hard to keep track of the needs of every single one of your tenants. Oftentimes it’s hard to accommodate so many requests as just one person. One of the biggest decisions you’ll make as a landlord is whether you want to hire a property management company to come in and assist you. Property and condo management companies don’t come cheap, but in many cases the investment can really pay off for both yourself and your tenants.
Here are some reasons that you should absolutely hire a property management company:
- You have a lot of rental units or properties. The more property you own, the tougher it is to manage on your own. By hiring an association management company, there’s no need to worry about getting around to all of your tenants in a short amount of time.
- You don’t live near your property. Is common for landlords to own property in a different town or even state. When this is the case, you don’t have the ability to handle emergencies, repairs, or other problems from afar. A property management firm is a valuable decision, to make sure that these situations are handled.
- You’re simply not interested in hands-on management. If this is the case, the answer is obvious. Somebody needs to take care of the units. If not you, then who else but a property management team.
- You don’t want to employ help directly. Some people find comfort in hiring people that they know to check in on residents and properties, but some find that employing people is much too stressful. By hiring a property management firm, you avoid this. The company handles all of its own employees and you have more of a partnership with the supervisor than anything.
- You don’t have enough time in your day. When you already have a number of things on your plate, managing a property is difficult. It’s one thing to work full-time and have units for rent in your home, but if you have properties for rent elsewhere and are also working full-time, you’re not available for assistance. Hiring a company to be there in case something comes up makes these situations become as stress-free as possible.
- Your units are part of an affordable housing initiative. In these cases, you have likely received a grant, low-interest loan, or tax credit in exchange for taking in low-income individuals. To continue receiving these subsidies, you must comply with specific rules. There is far too much at stake in these situations. Especially if you are new to the affordable housing market, you may want to hire a property management company to help you keep track of any complicated details.
- You can afford it. Again, hiring companies to help manage your properties can be pricey, but the stress that’s lifted off your shoulders is usually enough to give it a shot.