WHY YOU SHOULD USE A PROPERTY MANAGEMENT COMPANY
17-04-2015 Industry News Tips and Advice Elite Property Management
Why You Should Use a Property Management Company
CEO | Founder - Executive Recruiter
If you are a landlord or have interest in multiple properties, then a property management company could be just the thing you need to take your wealth to the next level. There are multiple benefits of hiring a property management company but more often than not these are overlooked. Throughout this post we’ll be going over some reasons why a property management company will be beneficial to you.
What Is a Property Management Company?
A property management company is exactly what it sounds like, a company that essentially manages your property in exchange for a percentage of your total rent revenue. A property management company will deal with all the small aspects of your property business, everything from finding tenants to evicting tenants!
In addition to this, a property management company is considered to be an independent contractor, so you don’t have to worry about all the hassle that comes with being an employer.
The main reason why landlords use a property management company is because they can help the individual save a lot of time that would otherwise be spent doing the tedious tasks related to real estate. This involves finding tenants, dealing with problems with the property, evicting tenants and everything else.
When you’re out looking for a property management company, you will generally hear quotes between 5 and 10 percent of your total rent revenue. This is a fair amount and many people will consider this to be acceptable when considering the amount of time that will be saved.
When You Should Definitely Use a Property Manager
As we mentioned earlier, not everyone uses a property manager and this is understandable in certain cases. However, most of the time, a property manager should definitely be used, without hesitation. Let’s go through some times when a property manager should be used.
- When you have multiple properties. The demand for a property manager increases as the number of properties you own increases.
- If you live far away from your property (or properties). Sometimes you might need to check up on your property or deal with problems at the location, with a property manager the distance won’t be an issue.
- You want to focus on growing the business. Management tasks can easily get in the way of growth and sometimes you need to have someone else manage whilst you focus on the growth.
- You don’t want to deal with the small tasks. When you’re a landlord, your tenants could call you for just about any number of problems, but is it really worth your time dealing with all of this?
Written by Robert Montgomery at RecruiterMixer - National Multifamily Executive Job Recruiters