Top Reasons to Hire a Property Management Company

A good property management company is one of your greatest assets, and necessary tools that can confidently help you maximize the return on your investment property safely. While every landlord or investor situation is different, there are certain questions you should consider that will help you determine if you should hire a property manager. (1) How far do you live from your rental property? Depending on your work schedule, and distance from your property, it can easily become tempting to not keep a close eye on things, and that can be a recipe for disaster. (2) Do you have experience with maintenance repairs? Maintenance is an important component of land lording. By hiring a management company you gain access to their in house maintenance crew, as well as their network of contractors who have already been vetted for good pricing and quality work. (3) Do you have local knowledge of rental rates? Overpriced properties sit vacant while other properties get rented. Knowledge of rental rates is a key factor to fast rentals and quick cash flow. (4) Do you have a system or strategy to collect rent? The way you handle rent collection can be the difference between success and failure as a property owner. By hiring a PM, you put a buffer between yourself and the tenants making collections easier. (5) Do you know the proper way to screen and evict tenants? Property managers have set standards and requirements  for accepting or declining an applicant ensuring you comply with fair housing rules and state regulations. Additionally, regarding evictions, there are strict laws concerning the eviction process, and doing it incorrectly when trying to evict a tenant can be a MAJOR Fiasco costing you time and money.  A good property management company will help free up your time for doing deals that make money as opposed to dealing with non-money producing activities like tenant placement, eviction, repairs, and collections.