If you own rental properties you have probably considered hiring a property management company to help you with the properties. Property management companies are a great solution for many landlords and can simplify your life and make it much easier. The question for many people is if they need to hire a management company or if they can do it on their own. Here are a couple things to consider that can help you know if you should hire a management company.
Do You Have Multiple Properties That You Are Renting?
One of the most common reasons that people hire a property management company is that they have multiple properties to care for. Even if you own just a couple townhomes all in a row, you should consider hiring a property management company. Caring for one property can be daunting and can take a good deal of time. Caring for multiple properties can become a full time job. For most people, it is not worth the time and effort to care for all the needs of the tenants. This includes doing repairs on the property, maintaining the yard, collecting rent and so forth. Even though you will pay the property management company a portion of the rent, it might be worth saving yourself all that time in caring for the properties.
Do You Live Far Away From Your Rental Property?
Another good reason to hire a property management company is that you don't live close to your property. For example, if you are renting your family home because you couldn't sell it and needed to move to another state, you should definitely hire a management company.
You need someone present in the same city as your property to check on things often and keep up communication with the tenant. If you try to take care of everything remotely you could be in a world of trouble. This is why it is better to just hire someone who can check in on the property often and make sure everything is in order.
Do You Dislike Working With Tenants?
Lastly, if you dislike working with tenants you should consider hiring a management company. If you manage the property on your own you will be collecting rent each month, checking in on the property, interviewing potential renters and much more. If this is not something you enjoy, you should hire someone to do it for you.
These are just a couple reasons you should consider hiring a property management company.