Would you prefer to avoid monthly rental income and expense management? Would you rather someone else deal with maintenance calls? If you answered yes to either of these questions, then hiring a property management company is the right choice for you.
A competent property management company can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold.
Here are a few advantages of hiring a property management company:
1. Fewer costly and time consuming legal problems
A good property manager is armed with the knowledge of the latest landlord-tenant laws. Avoiding a single law suit can more than pay for the property management fees, and spare you time and anguish.
Each state and municipality have their own laws, these plus federal law cover many areas including but not limited to:
- Safety and property conditions of the property
- Lease addendum’s
2. Shorter vacancy cycles.
Property Management Companies will help:
- Determine the best rent rate
- Improve and prepare the property for rent
- Effectively market your property
3. Lower maintenance and repair costs
By hiring a management firm, you gain access to both their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been vetted for good pricing and quality work.
4. Increase the value of the investment
The management firm can offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.
5. Assistance with taxes
Additionally, the property management fees themselves are also tax deductible.
6.High Quality Tenants
A thorough screening process results in reliable tenants that:
- Pay on time
- Rent longer
- Maintain property value
- Have socially acceptable behavior
In conclusion this isn’t intended to be a comprehensive list of property management advantages, but it should give you a fair idea of the scope of a property management company’s services. Take your time, figure out what’s best for you. In the end your property management company will make critical decisions on your behalf you must take your time, research and remain vigilant during the hiring process.
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