You’ve just bought a great property that is loaded with potential. But you don’t feel up to the day-to-day management of your new investment–you’d rather be out searching for the next one. What are your options? One of the biggest decisions you will make as a landlord is whether or not to hire a property management company. Many landlords manage their properties on their own just fine, but some need more help or would rather someone else do it. In the latter case, a professional management company might make the most sense.
Property management services save you valuable time and energy. Even if you have just a small apartment building (abut 60 units or less), hiring a company to take care of the details is a great idea because it means you’ll have more time to find the your next great investment. You don’t have to deal with rent collection and maintenance. Without a company to help you, you are required to deal with tenants, run credit checks, collect rent, and be “on call” 24/7 in case something goes wrong. And if you live nowhere near your property, successfully performing these daily managerial duties becomes even more of a hassle.
Hiring a professional company eliminates these daily worries for you. The manager provided by the company will maintain the landscaping, screen tenants, collect rent, complete property inspections, and even handle the accounting. Managing a rental property requires much more building maintenance and upkeep than a residential one.
