Why is Hiring a Property Management Company So Important?
Although managing a rental property can have a rewarding financial outcome, doing so requires a lot of time, effort, and hard work. On paper, managing your own properties might seem more convenient. Considering the commute, constant maintenance calls, and countless hours as a landlord, you’ll find it is much more impractical.
You might find that you’re not even having time to do anything that you actually enjoy anymore. Hiring a property management company will take all of the workload off of your shoulders. It gives you the time to live your life while still making money. Here are some of the tasks that a property manager will handle for you:
- Rental Rates
A great property management company will make sure they complete an in depth market study before setting a rent rate on your property. This will ensure that you get the maximum monthly income while also maintaining a low vacancy rate.
- Collecting & Depositing Rent
Making sure that tenants make payments on time can be challenging. That’s why property management companies have effective systems in place to ensure that payments be collected and deposited on time.
To put tenants in your properties as quickly as possible, property management companies are equipped with adequate marketing and advertising departments. These highly trained individuals know where to market your rental properties, as well as how to design content for those ads.
- Finding Qualified Tenants
Property management companies ensure that the tenants for your properties are highly qualified. This includes all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
- Managing Tenants
Once a property management company finds qualified tenants, they will continue to manage a tenant-landlord relationship, handling any and all conflicts, routine inspections, and all maintenance issues.
The most experienced, professional property management companies will come equipped with 24 hour service that will handle all ongoing maintenance and repairs as well as respond to emergencies.
- Housing Regulations and Property Laws
When it comes to maintaining your rental property, there are numerous applicable laws and local, state, and federal regulations you must abide by. Avoid any legal trouble by hiring a property manager to make sure all your properties are in compliance with these laws.
- Opening Investing Opportunities
When you manage your own rental properties, you’re stuck in a small radius, having to stay close by. This limits your opportunities to invest in real estate within a larger radius. A property management company can give you more of these investment opportunities.
- Giving You More Time
A property manager handling the income of your rental properties saves you time. This gives you the chances to enjoy your life and/or grow your career while still making money.
Finding the right professionals to manage your properties is incredibly important. When making the decision, keep these nine reasons in mind. Don’t let the stress build up and make you miserable. Do what will benefit your properties, as well as yourself.
Our team at DK Property Management are highly trained individuals who are available to answer any and all questions. If you’d like to speak with a professional about real estate investing, give us a call at (706) 935-4444!