Being a landlord can be stressful at times. You need to be vigilant with your property to maintain or attract new tenants and avoid vacancies as best as possible, and you might still have to deal with crummy tenants.
Although many new landlords try to manage their properties independently, it can sometimes become overwhelming, especially if you’ve expanded your portfolio and have multiple Long Beach rental properties you have to manage.
For those who need a helping hand, there are a few different kinds of companies that can help. Today we’ll discuss the difference between a property management company and a rental company to help you decide which one is better suited for you.
A full-service property management company does exactly what it says in the box. Collect rent, vet tenants, deal with repairs, keep up with laws, take care of vacancies, and many more tasks. Naturally, there is an associated cost in using a property management company. Yet you should consider it an investment rather than a cost to your income. The best property management companies will demonstrate their value by helping you earn more. The phrase “time is money” comes to mind. For the cost of hiring a property management company, you can save yourself hours from having to visit the property to inspect it, deal with tradesmen, evictions, and general maintenance. With that time saved, you can better invest it in expanding your real estate portfolio or spend more time with family and friends. Property management companies also have many resources that can take an individual years to acquire, including qualified tradesmen and handymen, lawyers, and even lists of tenants screened and vetted to help you fill your vacancies with high-quality tenants. Everyone wants a great tenant that can reliably pay their rent and doesn’t cause you problems, and a property management company can help give you the best opportunity for that.
A rental company is better suited for landlords who like to be more hands-on. While offering fewer services than a property management company provides, they are more affordable, and some sites allow you to list your property for free. While a property management company is hired to take care of your rental, enabling you to be hands-off, a rental company generally helps tenants find homes for rent. It's a way for you to allow potential tenants to see your property is for rent. Usually, you can upload images and a description of your rental property to help potential tenants to see your listing better. While most are just aggregate rental sites, some may offer background and credit checks for tenants, a separate email to conduct business, and some may offer to collect rent.
Both property management companies and rental companies are significant assets for landlords. However, the difference in what they can each provide differs significantly. For new landlords, or those who prefer to be hands-on, rental websites can offer a little help while they expand their portfolio to a point where they can justify the cost of using a property management company. At the same time, said property management company can provide various resources, albeit for a price. Whether you are a new landlord or an experienced investor looking for a hand when managing your Long Beach rental properties or have any questions about what services we provide at Beach Cities Management, we invite you to call us today at (562) 888-0247 or fill out our
Owner Application online.
