Are you a homeowner who recently decided to rent your home to offset its inability to sell? A property owner, struggling with irresponsible residents and daily management issues? Or are you an investor, trying to find a new approach to fill new units and let go of your big plate of property management responsibilities?
Knowing when to hire a property management company may not be an obvious task because there’s a lot of factors to consider. To help sort through your thoughts we’ve collected a list of questions to help make your decision easier.
1. Are you able to devote time to managing your properties?
If you don’t have the time to address problems such as maintenance repairs, financial processing, inspections, resident placement and marketing rentals? This is a good opportunity to delegate your overwhelming plate of tasks to a property manager.
2. Do you spend time, effort, and money on advertising your properties, with little success in finding qualified residents?
Spending advertising dollars without seeing a return on your investment could mean that a property management company can be of positive service to you. Simply because they know how to effectively reach renters, understand the rental market, and have more resources to get your rental noticed by a larger group of people. They ensure a thorough screening process to place qualified, responsible residents in your units.
3. Have you established relationships with reputable painters, electricians, carpenters, landscapers, furnace and other repairmen for maintenance issues?
If you’re not the handiest property owner, maintenance issues can be a daily struggle. Knowing who to contract for a repair job is extremely important and can take years to establish lasting relationships with repairmen you can trust. Property management companies have already established these key relationships across all industries, saving you the hassle of finding workers you can trust to get the job done.
4. Are you aware of the various resident/landlord laws?
There are a variety of laws that property owners must follow. Property management companies are familiar with and in compliance of all laws at the city, state, and federal levels. From proper certifications, security deposit laws, thorough resident screening and eviction processes, and other regulations. If you are unsure of your responsibilities, a property manager may be the best choice for you.
5. Is your home in close proximity to your rental properties?
If you’re trying to attract new residents, you need to be on top of keeping your property well-kept. So if you find it difficult to make frequent visits to your rental properties, it becomes harder for you to be aware of daily upkeep and problems that arise. Hiring a property management company to step in and manage your units for you will ensure your properties are always looking and functioning their best.
6. Are you able and comfortable handling difficult issues and enforcing the terms of the rental agreement?
As a property owner, you know that you are the main contact for all your resident’s problems and the problems in managing your residents. Those who are not comfortable handling difficult issues, such as rent and repair issues, evictions, or court appearances, should consider hiring a property management company to take on these responsibilities.
Ultimately, it’s up to you on the role you wish to play in managing your properties. If you said no to any of these questions hiring a property management company could be a viable option. If you prefer just a little help, all the help, or a balance between the two, Property Management Pros with work with you and your preferences.
For information on how we can help please contact us now!