There are several opinions about why you should or should not hire a property management company. We play a crucial role in the investment opportunities of our clients and recognize they have better experiences while participating in real estate investing. We know that you will have the same enjoyment.
Here are 10 reasons why hiring a property management company is important to property owners and real estate investors:
- Tenant Screening: One of the most important functions of any property management company is tenant screening. This ensures that you get reliable and trustworthy renters who pay their rent on time. This can also reduce damage to your property.
- Marketing and Advertising: Property managers have experience in advertising and marketing rental properties. We can ensure that your rental property receives maximum exposure and reaches potential renters efficiently.
- Rent Collection: Property managers are responsible for collecting rent from tenants. They ensure that rent is paid on time and deal with late payments and delinquencies. This helps to ensure a steady stream of income from your rental property.
- Maintenance and Repairs: Handling maintenance and repair issues promptly is key. Your property is kept in good condition and minimizing potential damage or liability issues. We also have established relationships with reliable and affordable contractors.
- Legal Compliance: A property management company can help you comply with state and local regulations, ensuring that you are operating legally and avoiding costly fines and penalties.
- Handling Emergencies: Property management companies are available 24/7 to deal with any emergencies that may arise. Issues such as plumbing or electrical, tenant disputes, or security deposits are just a few.
- Avoiding Vacancies: This can help you minimize vacancy periods by quickly finding new tenants when a property becomes available.
- Knowledge of the Market: Property management companies have knowledge of the local rental market, allowing them to set competitive rents that maximize your income while remaining attractive to tenants.
- Financial Management: We can handle financial matters such as rent collection, security deposits, and accounting. This ensures that your income and expenses are properly recorded and accounted for.
- Peace of Mind: Knowing that your investment is being properly managed and protected is comforting because it removes the stress and time commitment of managing the property yourself. This can ultimately save you money by minimizing potential costly mistakes and stress-related health issues.
Property managers can provide a range of valuable services that help to ensure the smooth operation and profitability of your rental property. Here at Stratum Real Estate Property Management, we can handle many of the day-to-day tasks involved. We’ll help free up your time and providing peace of mind knowing that your investment is being properly managed.
Nolo.com is another source of information if you’re still hesitant. There are several cost benefits mentioned in this article that claim you can’t afford not to hire a property management company. Click here to read article