Is hiring a property management company worth the investment?
Having a rental property is a lot like running a business. In order to maximize your profit, you need to make every penny of your budget count. And since hiring a property manager is an added expense, it can be difficult for some people to understand how it could be worth the investment. However, having an experienced property management team on your side can benefit you in many ways, and it may even help you save money. In our last blog, we went over a few of the benefits of property management. Keep reading to learn more.
#4. You’ll enjoy a more efficient rent collection process.
Collecting those rent checks is what makes all of the time, energy and hassle that goes into being a landlord all worth it, but sometimes, the collection process can be time-consuming or difficult in itself. The one and only way to maintain a positive cash flow as a landlord is to collect the rent on time, but some tenants may try to take advantage of you. Luckily, when you have a property management company, you also have a middle man who will deal with the rent collection process for you. You’ll be able to enjoy timely rent payments, and you won’t have to listen to any excuses about why a tenant can’t pay or will be late with the rent.
#5. You’ll pay lower repair and maintenance costs.
When a pipe bursts or the air conditioner stops working, do you know who you will call? As a landlord, it’s your job to make repairs and maintenance promptly, but with so many plumbers, roofers and other contractors out there, it’s not always easy to find the best, most cost effective solution. However, when you hire a property manager, you’ll benefit from their existing network of contractors who are already vetted and are bonded, licensed and insured. Not only does this save you from having to waste your time trying to find the right contractor for the job, but property management companies often partner with contractors, which can help you save a lot more on the services you need.
#6. You’ll be able to experience the benefits of having a rental property without all of the work.
Most people cannot afford to be landlords full time, and whether you have a family, a full-time job or even other properties to manage, managing a rental can be time consuming. Every aspect of property management, from marketing the property and finding tenants to collecting rent and maintaining the home, takes time and effort on your part, and if you have other responsibilities in your life, being a landlord can easily take up all of the rest of your spare time. Hiring a property manager will help you to enjoy the benefits of being a landlord, while simultaneously freeing up your time and energy for other things.
Many of the benefits we’ve gone over can actually end up helping you recoup the cost of hiring a property management company. And since property management fees are tax deductible, it makes hiring a company to manage your property a no-brainer. Contact us today to get started!