It's possible that you may have been thinking about hiring a property management company for a while but aren't completely sure if that's the right direction you want to take for your business. Property management companies are a great help to busy landlords and property owners because they collect the rent, do the maintenance and repairs to the property, and vet prospects for your rental units.
Should you hire a property management company for your rental units? It will depend on a few factors.
Do You Live Near Your Rental Property?
One thing you should consider before deciding to go it alone in the rental management business is, how far away do you live from your rental property? Is it possible to get there quickly should you need to? If you live too far away, for example, in another state, it can be difficult to meet potential renters or even have any kind of a working relationship with your tenants. The further away you are, the harder it will be to collect rent on time or to perform maintenance on the property.
In this case, it may be a wise idea to hire a property management company who can either be on-site at all times or close by should they be needed.
Do You Own Multiple Properties?
It's a lot of work maintaining one property let alone several at once. How many properties do you own and how close are they to each other? The more properties you own, the less time you will have to properly care for them all and to ensure your tenants are getting what they need too. When you have multiple properties, you will have an increase in repairs to complete, vacancies to fill, tenant complaints to solve, and rent to collect.
Is This Your Full-Time Job?
Is being a property owner and landlord your full-time job? The more properties you have and the more tenants you rent to means an increase in your workload. Do you plan to make this your career only, or do you have another day job that you work full-time hours at? If that's the case, that will leave very little time to care for your properties once you finish work for the day. This will also include no time off for weekends.
A property management company can staff your rentals or have staff on hand at all hours of the day, including nights and weekends for any needs your tenants have, or to complete any repairs needed.