Have you been trying to decide if you should hire a property manager?
This is a common decision that many landlords face. Some landlords decide to do it on their own, others hire a single resident manager and some choose a property management company.
Your time, needs and financial situation may all be deciding factors on what you ultimately choose to do.
What are some signs that you need to hire a property management company?
Hiring a property management company offers a lot of perks. However, there are certain times when a property management company is a necessity, especially if you want to be successful. If you're in a situation where you don't live near your rental property than it's really in your best interest to hire a property management company.
This way a local property manager is available to assist you 24/7. It also cuts down how often you have to travel, saving you time and money. Plus, a local property manager is more familiar with which vendors to hire and is familiar with current rates. They'll also know what competitors are renting for and be familiar with the legalities of the location.
If you've been feeling overwhelmed from all of your duties, that's another sign it's time to hire a property manager. If you try to handle your property alone, it can become a full-time job and then some. When you hire a property management firm, they can handle the property for you, including finding quality tenants, collecting rent, handling maintenance issues and more.
It will free you up to spend more time doing the things you enjoy. Yes, you could technically hire a resident manager to handle things, but this would mean you'd have to deal with payroll and other responsibilities. A property management company, on the other hand, works on contract.
Another sign it's time to connect with a property management company is if you own more than one property. One property is a lot of work to manage, but when you add multiple properties it makes it very difficult for you to keep up with maintenance demands and your tenants' needs.
What are the benefits of hiring a property management company?
Owning a rental property is a great investment, but as we've discussed, it can be a lot of work. While we mentioned a few reasons you may need to hire someone right away, there are a lot of additional reasons for any landlord to hire a property manager.
When you're a landlord, you need to be familiar with legalities so you don't get yourself into trouble. This can be overwhelming and complicated. Thankfully, property management companies, like us at PMI Richmond, are familiar with housing and local laws. We can help protect you.
Choosing the right pricing for your rental unit can sometimes be a challenge as well, but it's essential. The wrong price could end up hurting you. If you have the price set much lower than competitors you could hurt your bottom line. However, if you set it much higher, you may have trouble attracting tenants to look at your property.
You also want to find the right tenants, which means screening them thoroughly. It also means marketing and advertising your property successfully. These are both things that PMI Richmond can offer you. We screen backgrounds and financials to help you make a sound decision when choosing tenants. We'll also make sure your property is marketed well, including listings that feature high-quality photos. We know how to attract and retain tenants, making the most out of your investment.
One of the things landlords need to do in order to help retain tenants is to keep their properties maintained. This can be a big job, especially for one person. The quicker you handle issues, the more likely tenants will be pleased and stay longer. However, if you're swamped with projects, it will be difficult for you to be able to respond to tenants with immediacy.
This is where a property management company, like PMI Richmond, can help. We not only offer an option for tenants to reach us 24/7 through an online portal (our goal is to answer within 24 hours), but we also take preventative maintenance measures. One of the things we do is to offer tenants HVAC filters to help extend the life of the air conditioning system. We also make sure to perform fire safety inspections, which can limit liability.
If you are part of an HOA, we can help you improve communication and transparency. Our online portal houses important documents and we offer monthly financial packets to each board member. We make sure that board members and the community are well informed.
There are many reasons to hire a property management company. Whether you're feeling overwhelmed with your current job, unsure about how to find the right tenants or you want to market your properties with more efficiency, we're here to help. Contact us today to learn more.
