The Pros and Cons of Hiring Property Management
Landlords are divided when it comes to hiring property management companies; some say a sure way to get out of the renting business is to try and manage the properties yourself; others say it’s a waste of money. So who’s right? Only you can decide. If you’re considering hiring a property management company, consider the pros and cons. Once you are armed with knowledge, you can make an informed decision about whether property management is right for you.
Pros
You don’t have to deal with tenants: This can be a big advantage if you own more than one rental house or apartment building. A property management company can deal with all of your tenants for you, including complaints and collecting the rent each month.
Repairs and maintenance are taken care of: If a furnace breaks down at 2 a.m. or the pipes are leaking water all over the basement, the property manager is responsible for calling repairmen and technicians to fix it. They will also coordinate regular maintenance schedules so all major components of the house are in good working order.
Landscaping is done: With a professional company, you won’t have to worry about mowing the lawn, clearing the snow or tending to weeds. It’s all done for you by the property manager, either by doing it themselves or hiring a 3rd party landscape company.
They have more experience: It’s a safe bet that a property manager has more experience dealing with tenants and properties than you do. There are some things you should leave to the experts, and property management may be one of them.
Easier to invest out of town: A company can help keep you abreast of what’s going on with your properties wherever they may be, down the street or across the country.
Can be easier to get a mortgage: Lenders will only lend to those who they are confident will pay it.
Will keep you up-to-date on landlord and tenant rules: You want to make sure that you are complying with all of the laws and regulations that surround being a landlord. A management company can keep you on top of changes to the rules.
Cons
Risk of theft: This isn’t a big risk if you hire a professional company; however, if you hire an unqualified manager, this could be a concern, particularly if tenants pay via cash.
Can be expensive: The costs can add up, especially if you more than one property to manage. Many landlords consider this to be an expense that they can’t do without, because it leaves them free to concentrate on other aspects of their business (and take more vacations!).
They will not treat the property as well as you would: Let’s face it – no one will treat your house with the same care that you will. A professional company, however, will take the care needed to make sure your house is safe and protected. Their reputation depends on it.
With rising costs, it may seem like a hiring a professional property management company is unnecessary; but with tenant demands ever increasing, laws changing almost yearly and time management issues, many consider a management company to be an investment, not an expense. Benefit National Property Management can help you with your management needs. Contact them today to reduce your stress.
