Just got the keys to your very first rental property? You’re probably keen to get your first set of tenants moved in and start seeing some return on your investment. Maybe you’ve thought briefly about hiring a property management company, but dismissed it as an unnecessary expense?
Big mistake.
As a first time landlord, it’s all too easy to rush things and end up with problem tenants and a property that has tons of unexpected issues. Hiring a management company prevents these problems before they can cost you a fortune - keep reading to find out more about the benefits.
1. You’ll Get Higher-Quality Tenants
That nice couple who came to view your property and want to move in ASAP? For all you know, they’ve trashed five previous apartments, aren’t in stable employment, and have ten dogs that they’re planning to move with them. It’s an extreme example, but when you aren’t experienced in choosing the right tenants, it’s easy to pick people who will cause you problems down the line.
Hiring a property management company means that all tenants will be rigorously screened to ensure that they’ll pay on time, won’t cause problems with other residents, and will take good care of your property. This gives you complete peace of mind and prevents drama later on.
2. You Won’t Have to Deal with Emergencies Yourself
Fancy being woken up at 1am because there’s a plumbing issue in your rental property? Probably not. A key benefit of hiring a property management company lies in the fact that you won’t have to spend your free time dealing with last-minute emergencies at your property. Your management will always be available for your tenants to call, and they’ll deal with problems in a timely and professional manner, meaning that everyone is happy.
3. You’ll Never Have to Chase Tenants for Rent
It’s everyone’s worst nightmare as a landlord - chasing tenants for unpaid rent money. Your management company will have a strict rent collection process in place, and won’t be afraid to spell out the legal terms to tenants who don’t pay on time. Tenants tend to be more responsive when dealing with a private company rather than a landlord, since they know there’s no chance of making excuses to get out of paying. In the unlikely event that a tenant needs to be evicted, your management company will have an effective process in place, saving you a lot of stress.
4. You’ll Spend Less on Property Maintenance
When you hire a plumber or electrician to deal with problems at your property, you’ll be paying a pretty standard price for a contractor who isn’t necessarily the best. However, when you use a property maintenance company, you’ll have access to in-house staff who are thoroughly vetted for quality and professionalism. This means lower costs for you, and a better experience for any tenants who are home during the repairs.
A property management company will stay address problems the second they arise, meaning that you won’t have to spend loads on issues which have been left to get worse. Hiring management means cheaper repairs and less hassle for everyone, so it’s a win-win.
5. You’ll Avoid Costly Legal Problems
As a first-time landlord, you’re probably not aware of every nuance of local rental law. Luckily, you can hire a property management company who are. By ensuring that everything is 100% above board, your property manager will save you massive legal headaches. Even a single lawsuit could cost you the equivalent of several months’ rent, which quickly turns your rental property into a money drain rather than an investment. Hiring the pros to prevent legal issues is a really smart move.
Don’t let your first rental property turn from a dream into a nightmare. Instead, hire a professional property management company to keep things running smoothly for you and your tenants.
