When Should a Landlord Start Looking for a Property Management Company?
We frequently get asked by Landlords about when & why they should seriously consider bringing a property management company on board.
The goals of the landlord is really the driving factor to this decision. If you don’t mind the phone calls and the daily operations then you may save money by self-managing, but if you don’t feel that this is for you then you should start searching for an experienced property management company immediately.
Here’s why:
- The management company will have contractor relationships that can save you money and can be trusted.
- The property management company will stay on top of all legislation/regulation changes.
- A property management company will deal with your tenants in a professional business manner, and not be swayed by “emotional” requests
- Evictions can be very emotional and sometimes even dangerous for the owner but a management company deals with this on a daily basis, therefore their experience can more than likely save you losses.
- Maintenance of your investment asset is critical and a management company should have a maintenance crew to be sure your investment maintains its quality condition.
- The calls in the middle of the night can be upsetting and expensive if not handled properly, a management company will have an emergency number that will vet out the problem at hand and confirm it is in fact a true emergency
- A property management company will keep records of all receivables and expenses, making tax reporting easier for your accountant.
Finding an experienced property management company that can ensure your investment is being taken care of is crucial. Starting the search just prior to acquiring an investment would ensure that your property is being maintained right from the beginning. Not to mention, you’re saving valuable time & money by having a responsible company manage your asset — from collecting rent, accounting, hiring maintenance crews, answering tenant phone calls and handling evictions. This is an especially valuable service if you have other business ventures or personal / family responsibilities.
