Posted on: 29 April 2015
Renting out their property is a great option for many people right now. Since mortgage lenders have become stricter, there are more people who can't qualify for a home loan and are renting. This means that you could make a good deal on your property if you choose to rent it out. Some people wonder if they should hire a property management company. Here are a couple situations where you should definitely hire a property management company.
1. You Cannot Be Physically Present
One of the main reasons that people hire property management is because they cannot be physically by their property. For instance, assume that you got a job in a neighboring state or city and you cannot be there to check in on the property. In this case you would definitely need someone there to care for it. There will be maintenance, cleaning, and simple check-ups to make sure that everything is fine.
If you cannot care for the property yourself, you can easily hire a property management company and they will take care of it for you.
2. You Have Multiple Rental Properties
Another reason that many people choose to hire a property management company is that they have multiple properties that they are renting. When you consider the amount of time and energy that goes into caring for rental properties, it might be worth it to hire someone else to do it. In fact, you could spend so much time caring for the property that it becomes a part time job.
When you hire a property management company they will take a small percentage of the rent to care for it. For most people, this is a great bargain seeing how much time and money they would lose in caring for it on their own.
3. You Can't Work With Tenants
Corresponding and working with tenants can be a challenge. Many people dread the fact that they have to collect rent, do background checks for new tenants, fix household problems and so much more.
If you hire a property management company, you won't have to do any of that work. Instead, the management company can take care of all of the correspondence. The tenants don't even need to know that you are the owner of the property. In addition, the management company will take care of finding tenants for you. This is a major incentive for many landlords.
These are just 3 circumstances where you should hire a property management company like Reedy and Company .Share