Feeling overwhelmed by all that comes along with being a full-time landlord? If so, then it may be time to hire a property management company. While working with a property management company will cost you some money, many landlords find that property managers actually save them money in a number of ways.
Reduce Vacancies on Your Property
When you have a vacancy on your property, not only are you not bringing in any rental income, but you're also losing money. Property managers are highly experienced and knowledgeable in reducing vacancies; they know how to keep good tenants around so you can avoid vacancies in the first place. And of course, in the event of a vacancy, a resourceful property manager will have the marketing skills and resources to get your vacancies filled as quickly as possible.
Cut Down Maintenance Costs
Maintaining a rental property can be a full-time job in itself. From keeping up with landscaping to fixing broken appliances and everything in between, these costs can add up quickly. A property manager can help you save on these costs significantly because most property management companies have special contracts and agreements with local contractors, landscaping companies, and other maintenance professionals. These savings are passed onto you while you enjoy quality maintenance services on your rental property.
Free Up Your Valuable Time
Think about how much time you spend each week handling your rental property. From collecting rent and depositing it at the bank to dealing with maintenance requests and screening prospective tenants, many landlords work full-time on top of their other obligations. By working with a property management company, you can free up your valuable and limited time. This means you can spend more time handling other important obligations in your life, such as furthering your career.
Find More Reliable Tenants
A property management company will have the experience and resources to find the best tenants for your property. Many property managers will even have access to criminal background screening and credit screening software. And when you have great tenants who pay rent reliably, you can maximize your profits and avoid costly litigation or eviction processes.
These are just a few of the many ways in which a property management company can save you some money while freeing up your valuable time. The key is finding the right property manager who understands your local rental market and your unique property.