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5 Benefits Of Having A Property Management Company
The single greatest benefit investors are made privy to by working with property management companies is time. By enlisting the services of a good property management company, investors won’t be forced to manage the property themselves; they’ll be free to take on other responsibilities. The added time will help most investors find and acquire more rental properties to add to their portfolio. For others, not having to manage a property rids their lives of unnecessary stress. It is worth noting, however, that time isn’t the only reason someone may want to hire a property management company. There are actually several benefits to hiring a manager, not the least of which include:
- Mitigate Liability: One of the little-understood perks of having a third-party property management firm is the buffer from liability a good property manager adds to an inexperienced investor’s portfolio. It can be easy for opportunistic tenants to make false accusations about rent collection tactics, illegal eviction practices, and negligent maintenance. A third-party manager can deflect many of the false claims levied in an investor’s direction.
- Quality Tenants: Property management companies manage properties for a living; it’s what they are good at. As a result, the best of them have grown to know what to look for in a good tenant. It is, therefore, safe to assume hiring a property manager will result in better tenants for a property, which is great news for landlords. The better the tenant, the better the experience will be for owners.
- Shorter Vacancies: Not only will a property management company advertise to fill vacancies, but it will also do so with a sense of urgency and efficiency. Again, since this is their job, real estate management companies are most likely better at filling vacancies than traditional landlords, which drastically shortens the length of vacancies. Meanwhile, landlords can increase profits throughout the year by keeping the asset in service.
- Lower Maintenance Costs: Working with good property management firms will give investors access to their network of professional contractors. The contacts the property manager already has in place will work in your favor and save on maintenance costs. Not only that, but the contractors will also come with a recommendation, which is invaluable.
- Better Reviews: Tenants tend to prefer working with property managers, as the process is almost always objectively smoother. As a result, the experience is typically better than dealing directly with landlords. Subsequently, renters are more likely to leave a good review when they vacate the premises. Those same reviews will serve to drive more traffic to the home when the time comes to find another tenant.
Other Things To Consider
I maintain that hiring a property management company is a great investment, but like everything else, be sure to mind due diligence and know everything you stand to gain by enlisting the services of a third-party property manager. As I already alluded to, property managers tend to bring more to the table than people realize. Having said that, here are a few more things you need to pay special considerations to before you commit:
The Cost Of Property Management
The cost of property management remains the primary concern for those sitting on the fence. If for nothing else, average property management fees can run investors somewhere in the neighborhood of eight to 12 percent of the monthly rent value. Some property managers will also charge a flat fee, in addition to the monthly percent. As it stands, eight percent represents a pretty good value, whereas 12 percent may seem a little on the high end to some. It is worth noting, however, that not all property managers are created equal. It is entirely reasonable for a great manager to ask for 12 percent of their services to justify their own cost.
Hiring A Property Manager
Hiring a property manager is a task that mustn’t be taken lightly. At the very least, you get what you pay for. As I already mentioned, property managers will request anywhere from eight to 12 percent of the rental cost, but their fee may not represent how good they are. It’s entirely possible for an inadequate property manager to overcharge and for a great one to undercharge. That said, the only way to know if you are hiring the right one for your business is to mind due diligence. Don’t simply base your decision on the average property management fees; dig a little deeper and find one that meets your specific criteria.
First and foremost, identify what it is you want the most out of a property manager. What is it you need your manager to do? Compile a list of needs and wants and use them to pick the right company to represent your property. Next, vet them accordingly. Can they do what they promise? Get testimonials and talk to current clients of theirs to get a better idea of their satisfaction.
Finding A Good Property Management Company
While good property management companies are highly beneficial, finding one can be challenging if you don’t know what to look for. Consider the aspects you want help with, and ask questions to potential companies. Do they stop by their properties? What is the tenant screening process like? How do they handle evictions when necessary? When hiring a property management company, be sure to exercise caution before making your final decision. Review the following tips to help you get started with your search:
- Consult colleagues and your local apartment association for recommendations.
- Search for certified property managers on the Institute of Real Estate Management’s Membership Directory.
- Find a NARPM property manager on the National Association of Residential Property Manager’s site.
- Thoroughly interview companies before making your decision.
Remember, it can take a few weeks to find the right fit. Always ask any questions you are curious about, and don’t be afraid to trust your instincts. You don’t want to sign a contract only to find their operations are not up to your standards.
Are Property Management Companies Worth It?
Being an investment property owner means that you need to keep up with property maintenance, maintain knowledge of the rules and laws surrounding property ownership, and keep your tenants happy all at the same time. These are not easy tasks, and they take up a lot of time. Property management companies focus solely on these functions, and they are experts at what they do. Hiring a property management company can not only give you time back in your day, but it will give you peace of mind knowing that you have a professional team working on all of the aspects that make being a landlord or property owner complex. When you compile all of the benefits that property management companies offer you will often find that they are well worth the management fee, especially if you are trying to grow your rental portfolio.
Summary
Hopefully, you now have a better answer to the question “What do a property management companies do?” Property management companies, specifically good ones, are worth their weight in gold. It is entirely possible for a truly great management company to save/make investors more money than their initial fees. That said, the cost of property management is more of an investment than an expense.
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