Self-managing your rental properties may seem like a lucrative and easy business, but you would be amazed at how hiring a management company to handle all the details and day-to-day running of the property can be both a time saver and cost-effective.
If managing a rental property is new to you or you have multiple properties, you could benefit from the experience, technology, and efficiency of a property management company partnering with you. Here are a few of the ways you will find this type of company can save you precious time and money.
Quality Marketing & Fewer Rental Turnovers
One of the biggest hassles of being a landlord comes when a renter gives their notice and they tell you what day they plan to move out. This signals a flurry of tasks that must get done including listing the apartment or unit, cleaning, making repairs, and sifting through the applications for the candidates for renting.
This can be a lot all at once with only a small window of time to get it all done. A management company can not only handle all the marketing that needs to be done to find a new renter but can use software designed to examine which renters have better credit and which may end up being loyal long term renters versus a constant revolving door of unit owners.
Taking care of a property means not just worrying about rental turnover but all the details of running a property. This could include small or large maintenance issues like plumbing, electrical, misplaced keys, HVAC issues, or problems with appliances.
Management companies make it their business to either keep reputable maintenance companies on retainer or they work often enough with vendors that they know the most cost-effective and reliable ones when an issue surfaces. They know who is available 24/7 during emergencies and who can take care of long-term issues that arise.
Rent Collection & Communication
Thankfully in 2022, there are many software programs and apps that make paying rent easier than ever. And if the case arises where a renter does not pay in a timely fashion, the property management has time-tested policies and access to legal power to rectify the situation or work with the renter in the case of an emergency.
Communication is key in the rental business. Management companies can save you time by communicating regularly with unit owners about due dates, upcoming maintenance, and any announcements that need to be made.
With the right property management company on your side, you can save yourself lots of time and money in this exciting but sometimes chaotic industry.