There are a million little things that add up when you’re a landlord. You have to screen your potential tenants, manage maintenance requests, and give tours of your properties. Not to mention you’ll also have to ensure that rent is paid in full, on time, and deal with the dreaded eviction process. At some point as the number of responsibilities grows and demands become higher, you’ll want to consider using a property management company to help out.
If you’re on the fence about hiring a third-party company, we’ll share some insights as to why you’ll want to hire the extra help.
What Does a Property Management Company Do?
It’s important first to understand what a property management company does before you sign on for such a big commitment. The type of company you work with will determine what services they offer.
Many of them provide services that focus on your day-to-day needs, such as handling home inspections or dealing with the necessary repairs for your complex. Others will cover your marketing needs to help advertise your available properties and get your schedule lined up with showings.
With that in mind, it’s important that you understand what your needs are as a landlord. Ask yourself a few important questions before starting your search for a company to work with.
- Are you selling or looking for renters?
- Are you primarily working with apartments or houses?
- Are they single-family homes or multi-family homes?
- Where are you lacking in your business as a landlord?
- What specifically do you need extra help with?
- What resources do you wish you had as a landlord?
A Property Management Company Has Resources You Don’t
Third-party management companies are more than likely to have a wider range of resources available to them than you might have. They also have a team of experts working every day, which means you’ll no longer have to be running the business on your own.
Because of their wider access to resources, their list of vendors and contractors could also help you save money in the long run. When talking to different property management companies, ask them if they have a preferred list of vendors they use and how using them could benefit you instead of managing the maintenance yourself.
There is also the legal side of being a landlord. As a property management company, they have full knowledge of all of the local and national laws to make sure you and your properties are compliant.
They’ll Handle Jobs You Don’t Want To Deal With
As we said before, it’s important to think about the tasks you need help with. It’s equally important not to bog yourself down with tasks you don’t want to do either. This will free you up for the parts of your job as a landlord that you do love.
For instance, maybe you haven’t been setting proper rent for your properties because you haven’t been doing any surveys of the area. In big cities where the population continues to grow, it’s crucial that property surveys are being done to learn what the average market prices are for comparable homes or apartments.
If you’re a landlord in a big city, these surveys will need to be conducted more frequently than in a smaller, rural town. For example, San Antonio is ranked in the top ten cities with the highest population growth in 2020. Hiring a property management company in San Antonio can alleviate the stress of having to conduct frequent surveys.
Where You Lack In Control, You Gain In Time
With every pro, there is a con. Hiring a property management company also means you’ll be losing a bit more of the control. The company will end up having to make decisions that you may not agree with. But there is a reason why they are making the decision in the first place.
They have years of experiencing managing hundreds of properties for multiple landlords who trust them. In the end, you are giving the company your trust in return for saving time and money.
No matter what you decide to do, it’s important to consider various factors when looking to hire a property management company. Sit down and ask yourself some questions to weigh the pros and cons, and start doing your research to find one that suits your needs as a landlord.