Rental property can be lucrative investment. It can also be a royal pain if you don’t know how to manage the property efficiently. You could do it your self, but learning as you go could cost you a lot of money. Hiring a property management company could save you time, money and the headache of doing it yourself. There are many reasons to turn over the management of your property to a professional, inexperience being only one. If your property is too far from you it costs you valuable time and money to take care of just a small problem or to collect rent.
Property managers are one of the many real estate agents that can help you navigate the complicated arena of both residential and commercial rental property. He or she will know whether your rental rates are competitive and will collect and deposit rent. Beyond the rent a property manager will have experience with securing tenants, marketing, inspections and repairs. They are also helpful with navigating housing regulations and property laws and will have access to other experienced professionals.
On average, a property manager will cost about 6-10% of your rent collection but don’t make your decision based on price alone. Check references for experience pertinent to what you need and beware if he or she is unwilling to provide references. Make sure applicants’ schedules are flexible; this is often not a 9-5 job. And, perhaps most importantly, try to gauge their interest. Pay attention to how attentive were they were to you during the interview. Do they interrupt you or gloss over important details? This may be an indication of how they’ll care for your property once they’re hired. In the long run, hiring a property management company can save you time and money helping your property be profitable.
