Tuesday, May 11, 2021 / by Vyral Marketing
If you own an investment property, you’ve probably wondered about whether you should hire a property management company. A property manager takes a lot of landlord-related processes off your plate, as they collect rent, handle maintenance requests, help with evictions, and much more. Here’s a little more information about how they help with each of these tasks.
Across the board, your property manager serves as the main contact for your renters. They handle rent payments, often by offering an online payment portal. This helps you avoid having to chase down checks each month.
Another great benefit involves maintenance problems. Nobody wants to get a call in the middle of the night about a broken toilet, but with a property manager, you won’t have to worry about it. The property manager handles maintenance requests for you.
"It’s important to set clear communication goals and expectations from the outset."
One of the trickiest things a landlord can face is figuring out how to handle a renter who stops paying. It can be emotionally difficult to evict someone, but the property manager works as a neutral third party that can handle the eviction process on your behalf.
However, there are a few potential downsides to keep in mind. Some property managers do charge additional fees on top of the monthly service bill, so make sure you’re aware of these costs upfront. For example, will you collect late fees or will you ask your property manager to? If they’re responsible for gathering the fees, they may keep them for themselves as payment.
I’ve also heard from some landlords who feel that property managers care more for the tenants than the landlord. For example, they’ll do all they can to fix a tenant’s maintenance problems, but this may cost the landlord a lot of money—especially when it’s for non-emergency issues. Some landlords also say that property managers sometimes fail to tell them about resolved issues—in these cases, repairs were made without the landlord’s approval. On the flip side, some property managers reached out too often about simple, inexpensive repairs. So, it’s important to set clear communication goals and expectations from the outset.
Because of our experience dealing with landlords and property managers, we at Elite Results Realty have decided to launch our own property management services. If you’re looking for someone to handle your rental properties or would like more information about what we can do for you, feel free to reach out to us. We look forward to hearing from you soon.