1. You’ll Save Money
Many landlords manage their own properties because they believe property management companies are too expensive. In reality, they could actually make more money by hiring a professional. It’s the same reason we hire attorney’s to represent us for legal matters and accountants to take care of our taxes and books. Professionals have processes and procedures that allow them to have fewer days on the market during vacancies, professionally screened tenants that will stay longer, keeping tenants happy, and staying up to date with rental rates in the surrounding area.
2. You’ll Save Time
Being a landlord can be a fulltime job, can you make better use of your time? What is your time worth to you? Hiring a professional creates less stress, more hours in the day, and fewer headaches in life.
How much time will you spend as a landlord, tracking rent payments, collecting late fees, taking care of maintenance and repairs and ensuring they are being done in a timely manner, and finding good reliable vendors you trust to enter the home of your tenants.
3. Good Property Management Companies Know the Law
How much do you know about the laws applied to being a landlord? One if not THE biggest advantage to hiring a property management company is the ability to avoid some legal hassles. With a full understanding of all the state and federal laws when it comes to discrimination in screening and selecting tenants, property managers avoid breaking discrimination laws. In the event that an eviction becomes necessary, an experienced property manager will know how to handle it in a way that will save time and money while staying within the boundaries of the law.
A good example is our current situation with COVID-19, do you know what you are legally allowed to do with evictions, posting notices, and charging late fees? A professional property management company will be up to date on these current affairs and know exactly what to do when a situation arises.