Hiring a property management company to oversee your rental properties can provide significant value to investors, property owners, and overworked landlords alike. Property managers provide a wide range of services, allowing you to reap the benefits, both professionally and personally.

Professional benefits result from the way in which business in conducted on behalf of your rental properties. These include:

Higher quality residents. Through a time-tested resident screening process, property management companies are able to seek out qualified residents for your units. These individuals will pay on time, rent longer, cause fewer problems, and generally put less wear and tear on the unit.

Better resident retention = less costs incurred. Property managers are able to address problems in a timely fashion, thus leaving your residents satisfied with their living arrangement. If you are unable to fix problems as they arise and residents become unhappy, they may choose to move out. This causes a high turnover rate, which increases the amount of money you will need to spend. From thoroughly cleaning the property, changing the locks, painting the walls, etc., these small repairs can add up over time. In addition, the marketing efforts, unit showings, and screening process will be costly, financially and with your time.

Lowered maintenance expenses. Property management companies have already established relationships with the various service providers and receive fair prices for their maintenance work. This saves you the effort of researching who to hire and provides peace of mind that they are reputable.

A formalized rent collection process. At times, it may be difficult collecting monthly rent checks and tracking those who are behind on their payments. Residents understand that property managers are ordered to follow the lease agreement, thus making it easier to collect rent and increasing your revenue.

Remain up to date on legal formalities and all landlord-resident laws. Property management companies understand the various state and federal laws associated with managing properties. In this, they know how to avoid problems and potential lawsuits from being noncompliant. Not only is this important from a legal standpoint, but financially as well.

There are also some personal benefits to hiring a property management company.

Less stress. You no longer have to deal with inconvenient maintenance emergencies, property damage, financial issues, state and federal legalities, eviction procedures, or never ending paperwork. By avoiding tense situations, it can help lower stress levels.

Increased availability and free time. Whether you’re an investor or a property owner with a full time job, hiring a property management company will relinquish you from the aforementioned tasks. This allows you to spend less time servicing your units and more time growing your business or seeking out new opportunities.

Out-of-state Investor? Whether you are relocating to another state, city, or town, a property manager is a reliable source to maintain and control all aspects of your properties for you. Now, you have the freedom to live wherever you so choose or invest in units that aren’t in close proximity to one another.

Written by Ted Thornton