As the owner of a successful property management company, I’m regularly asked questions about the industry. And that’s completely understandable. When it comes to your rental property, you want to do what makes the most sense for your asset.
Whether you’ve inherited a condo from a family member or you’re considering an investment property, you’ve probably wondered whether a property management company is right for you. Well, today, we’ll look at 5 considerations when making your decision. Each question will help you determine what will work best for your rental unit.
Is Property Management Worth Your Time?
For many of my clients, interacting with tenants and caring for a property is something they simply don’t have time for. After all, if you’re busy with a career and family, your time is likely better spent doing other activities. This frees you up to focus on what’s important to you, while still earning a return from your rental.
How familiar are you with all the legal ins and outs?
As a professional in property management, I can assure you that there’s more to rentals than just collecting a check. Many individuals who try to manage their property on their own risk running afoul of the law. And because there are many different factors to know about for what you can and can’t do, it can feel complicated and overwhelming to many.
How quickly can you fill your property with new tenants?
I can’t tell you how many times I’ve seen a rental property sit vacant, because an owner or even an agent doesn’t fill it quickly enough. And that time equals money. After decades in the industry, I can assure you that you don’t want that property sitting without tenants in it. What often happens is that you might unexpectedly lose a tenant when they move or buy a home. And then you’re left scrambling to fill your property.
Do you want to stop by regularly?
Now, if you don’t live in the area, you probably won’t be able to visit your rental property very often. But even for landlords that do live nearby, stopping by on a monthly schedule, for example, can be a challenge. Yet, you want to ensure that your property is being well-cared for by your tenants. And when you go with a property manager, you’ll have someone whose job it is to check up on properties.
What about dealing with tenant issues?
Probably one of the biggest reasons that property management might be right for you is tenant management. Don’t get me wrong; many tenants are absolutely wonderful. I’ve found that when you treat them with respect, most people are very happy to safeguard your most valuable asset. However, occasionally, you might have a more challenging tenant. Because I use objective criteria to place tenants, there’s a lower chance of issues, but when they happen, you want someone you can trust to handle them.
Have a question or two about your rental property and property management? I’d be happy to answer them!
Terry Records
Broker/Owner
Records Results Real Estate
Residential Sales and Property Management Service