As a landlord, one of the most important decisions you’ll have to make is whether or not to hire a property management company. Many landlords manage their properties on their own or with the assistance of a hired professional, such as a resident manager. However, there are moments when landlords want more assistance, and this is when hiring a property management company makes sense.
Commercial property ownership and operation require a considerable amount of time and effort, which you as the property owner may not have. A property management firm offers a variety of services to make property ownership easier by taking care of many of the day-to-day responsibilities. Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party contractor. Property managers are typically in charge of day-to-day repairs, as well as continuing maintenance, security, and upkeep of buildings. Finally, because a management company is an independent contractor, you won’t have to deal with the headaches that come with being an employer.
If you’re a new landlord in need of some assistance, knowing that you’re not alone is reassuring. It’s a great option to leave your tenants and property in good hands. Choosing a property management firm is a big decision so it is better to research before hiring one.
Do I need a Property Management Company?
A lot of investors agree that using a property management company is a good idea. There is no rule, however, that specifies everyone needs a property manager. Property management companies have various advantages, but they are expensive. As a result, consider employing a property management company if:
- You intend to purchase many rental houses. Property management businesses become increasingly important as one’s rental portfolio grows.
- You aren’t close enough to your asset. If you live far away from the rental property, it’s a good idea to hire managers who can keep a better eye on it.
- You don’t want to be in charge of the property. If you intend to use the property as a source of passive income, you’ll need to hire a property manager to handle maintenance and day-to-day operations.
- You do not want to be an employer. Employing people, such as a resident manager, entails a slew of responsibilities, including salary and legal obligations. A property management firm is an independent contractor, not an employee. Using one will relieve you of the responsibility of being an employer.
- You can afford the extra expense. A percentage of the rental fee is charged by property managers, which is well worth it. The same fee can relieve landlords of a lot of headaches and save a lot of their time to invest in other places.
- You only have limited time. Even if you enjoy managing your property, you may not be able to work on it daily. Hiring a property management company may be the best option if you want to focus more on running your business.
If you want to hire a property management company, contact A Street Partners now to learn more about their professional property management.