As a landlord, one of the more important decisions that you will have to make is whether to hire a property management company or not. There are many property owners who manage their properties either on their own or with the help of an employee. Often times the employee who helps would have the position of resident manager. There are times however when a landlord may require additional help and it is at these times that it makes sense to hire a property management company.
A management company can supply a great many advantages for your business. However, you will be required to pay a reasonable fee for their services. Before you hire one, it is important to understand exactly what they do. You can understand the various duties and services by doing some research on the Internet about what they do. This will help you to make an informed decision on whether to retain their services.
One advantage of a manager is that they will deal directly with your tenants and prospects. This will free up your valuable time and worry over collecting rent, marketing your properties, repair issues, regular maintenance schedules, tenant complaints, and having to give evictions.
When you hire a reputable and experienced management company it will provide you with a sound peace of mind knowing that all of your properties are in good hands. Also, they are not an employee but rather an independent contractor which will help you to avoid any of the hassles that go along with being an employer.
As mentioned previously, you will be paying a good sum of money for their services. Even if their costs seem expensive, you should still consider hiring a firm if you own a lot of rental units or different properties. The more rental type properties that you own or if the properties have a lot a units then you will likely benefit from many of the management company's services.
Another reason why you may decide to hire a property management company is because you do not live close to the properties. Let's say for example that you live in Asia and all of your properties are in the US. If you live far away then it makes sense to have a local property management company deal with all of the daily issues that can arise.
You can also choose their services if you do not have the time or interest in hands-on management. If your properties are simply an investment and you do not want to be involved in the day-to-day management duties then once again you should consider the advantages of hiring someone to manage all of your properties.
Some owners enjoy the hands-on management duties that are involved with rental units. However, these same owners may not have enough time to do it properly because of other business commitments. You may be the type of owner who is busy searching for other properties, arranging loans with various financial institutions for renovations or updates, or perhaps you are someone who is needed primarily elsewhere. All of the above scenarios may indicate that you need to pay for the services of a manager.
Another reason to hire one is that you can afford to pay them their monthly fee. When you interview various companies you will discover that their fees to manage your properties will range anywhere from 5% to 10%. This percentage fee will be based on the amount of money that they collect in monthly rent revenue.
To locate a good property manager involves either getting recommendations from colleagues or from an apartment association in your area. When you conduct an interview with a management company it is important to have all of your questions at hand so that each company representative can answer all of your important questions. This will help you to compare the differences between various companies.
Obviously, the monthly fee will be an important consideration when selecting a company but you should also choose a manager that you feel comfortable with. After all, you will be trusting their judgment and working with them for a long period of time.
Property management tips from http://www.owlmanagement.com |