So you’re a landlord contemplating whether or not you want to hire a Property Management Company. It’s a big decision, and certainly not one that should be taken lightly. But how do you know you need one? Can you fly solo? Here are some typical reasons why a landlord would hire a property management company:
- You Don’t Live Near Your Properties – This is not unusual. Many property owners live out of state. You may be one of them. If you’re quite a distance away, hiring a property management company can give you peace of mind. Knowing that someone is taking care of your property and managing your tenants can make being a landlord all the more enjoyable.
- You Have More Than One Unit – If you have a handful of rental properties or even an apartment building, taking on the maintenance and organization of those properties can be overwhelming. A property maintenance company can assist you with this and many more tasks, freeing up your time and allowing you to focus on other things.
- Your Desire to Manage is at Zero – You’re not alone if you want to own properties, yet avoid actually managing them. Many landlords would prefer someone else do all the work. If you own properties strictly as an investment, bringing in someone else to manage day-to-day operations is ideal.
- You Don’t Want to Run a Business – If you need hands to help but you don’t want to be an employer, hiring a property maintenance company is the perfect solution. Many property owners have no interest in managing payroll or insurance. Bringing in an outside company to handle the particulars allows them to avoid that.
The alternative is to use property management software to save yourself time and money. Time is an important factor and most of us don’t have enough of it. Before you hire a property management company, do yourself a favor and ask for recommendations. You want the best so you can be the best. Interview companies and ask questions. Taking the time to do this will pay off in the end.