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This Old House - Do-it-Yourself

Why Landlords Should Consider Hiring Property Management Companies

Written by Posted On Friday, 29 March 2019 04:14

As a landlord, you may wonder whether it's worth paying someone to manage your property. We take a look at the benefits of hiring property management companies.

Did you know more American households are renting than any point in the last five decades?

As a prospective or current landlord, this is exciting news. More people renting means there’s a good chance your property will maintain full occupancy.

However, the success of your rental investment doesn’t only depend on the availability of tenants. It also depends on how well you manage the property.

You have two options: manage it yourself or outsource the job to a professional property management company.

In this article, we’re explaining why you need to hire property management companies. Read on!

You Stand to Make More Money

The cost of hiring a property manager is the major reason some landlords opt to self-manage their properties.

This is understandable, especially if you’re a newbie landlord trying to squeeze out every dollar out of your investment. But did you know you will make more money with a property manager running the show?

Experienced property management firms like Melroy Property Management have an in-depth understanding of the rental market. They’ll set the right rent for your units and adjust it accordingly as market conditions change. This ensures your property maintains high occupancy rates in the long-term.

Get High-Quality Tenants

Ever been a tenant?

If yes, you know how troublesome some tenants can be. Some are perpetually late with rent payments and others leave the property needing lots of repairs before a new tenant can move in.

As a landlord, you don’t want to such tenants occupying your property. They’ll only give you headaches and ensure you’re making less money.

The solution is to hire a property manager. These professionals conduct thorough tenant screenings, which includes pulling their credit scores and criminal background reports, ensuring only high-quality tenants get approved.

You Probably Don’t Know the Relevant Laws

There are lots of federal and state laws that regulate the real estate and housing sector.

If you don’t have a good handle on these laws, it’s easy to commit an offense that can get you sued. For instance, if you reject a tenant based on their race or national origin, you would have violated the Fair Housing Act of 1968.

To avoid getting into such legal troubles, leave the job to a property management agency. They know all the relevant laws and will apply them accordingly.

You Don’t Have Time

Property management is a time-consuming job. In fact, it’s a full-time job.

You have to be available to attend to tenant complaints and requests, as well as to ensure the property is secure, well-cleaned, and maintained. Add to this collecting rent payments, tracking late payers, and paying service providers.

If you’ve multiple rental properties on your portfolio or live several miles away from your sole property, you might not have the time to stay on top of things.

This is another solid reason to let a property management company do the job. They have the resources to handle the many tasks involved in keeping your property operational.

Property Management Companies Are the Real Deal

You might be skeptical about the value property management companies add to your investments, but after reading this, there’s no doubt you need to hire one.

From setting rental prices to tenant screening and rent collection, a property manager will save you time and make you more money.

Keep tabs on our blog for more real industry news and insights.

Listing Additional Info

  • State: Kansas
  • Address: 15 Ridge Road
  • City: Girard
  • Zipcode: 66743
  • SOLD: no
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Janice rangel

Janice Rangel is author publication for property representative, insurance advisor, and agents real estate industry for around ten decades today. I expect folks will love to see about my views and adventures from the business and also please contact me personally should you would like to explore my content articles farther.
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