It's common for this question to come up, especially for new landlords. To save money, new property investors may manage their properties themselves. Occasionally this works out for them, but it depends on the individual and their goals.
Today we’ll go over why having a property management company can be an asset to your bottom line.
Although it would be ideal to hire a property management company as soon as you’re ready to rent out a rental property, not everybody is in a position to be able to do so. If you cannot afford a quality property management company, you may need to economize before investing in one.
Many times if you only own a single-family home and live near your rental property, it’s not too difficult to make a trip and see what the tenant may need. However, if you have lots of properties or many units, more time will be required to manage them all.
It's common for landlords that enjoy being hands-on to manage their property. This will ensure everything is to their specifications and quality control. But time is a resource we often need more of in a day. Time is money, and the time you allot to managing your property is time you could otherwise spend growing your own business, expanding your real estate portfolio, or spending more time with friends and family.
Managing a rental property takes time, from deposing the collected rent to finding a tradesman to repair your rental after a tenant moves out. If you realize at some point, you need more time to manage your rental. You’ll likely not be able to maximize your profits. A property management company may feel like an investment of money, but more so, it's a way to allocate more time to your day.
Owning an investment property will require more than collecting the tenant’s rent. There is always maintenance to perform, and even if you, yourself, are handy, there will come a time when you’ll need to be able to find high-quality tradesmen. A high-quality property management company will have plumbers, painters, electricians, and gardeners ready quickly. Finding reliable tradesmen to deal with maintenance and repairs is difficult.
Depending on the time of year, unless you’re first in line, there will likely be a delay before the tradesmen arrive.
With delays comes more time that a rental will remain vacant. A property management company can also help fill in vacancies after repairs and maintenance. High-quality property management companies can put your rental into the most popular rental site, and often they’ll have a list of screened tenants waiting for availability.
Many landlords hate to think about it, but it's invaluable to have someone who knows your county and state laws. California has some of the most strict landlord-tenant rules. A property management company will have the resources to handle evictions, collections, and security deposit disposition.
Deciding on whether or not you need to hire a property management company can feel overwhelming at first. But once you realize the freedom, it can provide you. You won't be disappointed. If you are interested in Beach City Management as your property management company or would like more details about our services, consider calling us at (562) 888-0247, or feel free to fill out our
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