If you have a rental property, the chances are that you’ve considered hiring a property management company previously. That’s a great point to think about. Some rental property owners might think twice about hiring someone else to care for their investment, but for others, the professionalism and expertise of a great management firm are truly invaluable.
But in addition to that, when you hire property management experts, you acquire access to benefits and expertise that many do-it-yourself landlords might not have. If you’re still thinking about whether to hire a property management company, here are six reasons why professional property management might be the right choice for you.
Lower Maintenance and Repair Costs
Maintenance and repairs can be a tricky part of rental property ownership, particularly if you are new to being a landlord or don’t have much time to do the work yourself. But more than that, it can be tricky to figure out who to call when disaster strikes. Figuring out when a job requires a licensed contractor can be a bit challenging at times. It’s really important to avoid choosing a service provider at random, even if you’re in a hurry. Taking the time to choose wisely can help you avoid paying far too much for lower-quality service.
On the other hand, property managers can assist you with preventive maintenance and repairs that will help avoid expensive emergencies. Additionally, the best property managers have links with contractors who have displayed their trustworthy service providers. These relationships with contractors can help reduce maintenance and repair costs while keeping your property in good condition.
Trusted Vendors
Your rental property is a valuable investment. It really makes sense to stick with experienced and trusted vendors for all the services you need. However, if you haven’t had the chance to work with vendors or negotiated service contracts, you might end up paying significantly more than what a management firm charges. One great benefit of professional property managers is that they have done all of the research to vet their preferred home service vendors, making it easy for you to hire the people you need. Additionally, a management company usually has much more influence than a single property owner, which often results in better pricing and reduced service costs that benefit you.
Accurate Rental Market Data
If you’re just starting out to rental property ownership, it’s likely that you haven’t had much opportunity to get to know your local rental market. Unfortunately, this often leads to landlords who don’t know how to accurately research and find comparable properties and, therefore, calculate a reliable, fair market rent. If you’re feeling unsure about your ability to compete in the market, a property management company can really lend a hand. As experts in the local rental market, great property management companies will handle all the research for you. Providing you with local, comparable properties and a fair market rental rate that you can feel confident charging your renters.
Maximize Monthly Income
Finding the correct rental rate is an important step in maximizing your monthly rental income. If you’re not doing this, you might be missing out on potential earnings, or even worse, you may price the investment property too low. This could lead to a prolonged vacancy as prospective renters might question what’s going on with the property. However, there are many other ways that a professional property management company can help you maximize your monthly income.
Professional Tenant Relations
One factor that often holds rental property owners back from hiring a property management company is the worry of disturbing a current tenant. It’s completely understandable to feel that way; managing tenant relations can indeed be a bit tricky for rental property management. Communicating well with tenants and responding quickly to their concerns and demands necessitates time and effort. While there might be a slight chance of upsetting your tenant, the advantages of saving time by entrusting your property management to a trusted professional property management company are definitely worth it. An experienced property manager can bring added ease and convenience to your tenant, something many renters are satisfied with.
Property Management Pays for Itself!
Many do-it-yourself landlords are convinced that handling their property management is the more affordable alternative. But the reality is that owning a rental property is a long-term investment that best managed by the professionals. Bringing a property management company on board can really pay off by making it convenient, saving you time, and helping you earn more profits. After hiring trusted professionals, you might find yourself thinking about how you ever managed without a property manager!
At Real Property Management Assurance, we partner with rental property owners to maximize their real estate investment. If you’d like to discover more about our property management services in Hillsboro and the neighboring areas, contact us or call 971-270-2600 today!
Originally Published on June 18, 2021
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
