It’s impossible to avoid the fact that owning and renting out real estate properties takes time. If you own several properties, it can be especially draining. Also, it would be important to know if the state you live in requires a property manager to be a licensed realtor or real estate broker. Some states have limits on the number of units you can own and manage yourself before requiring a licensed agent to manage for you. Often, property management can be time-consuming, frustrating, unique, and take a lot of time, meaning it’s time to hire a trustable property management company, is the answer.
What Do Property Management Companies Actually Do?
Property management companies serve as a link between you and your current or potential tenants. Typically, they collect rent, maintain the property, and find and vet new tenants. They provide rental property owners with two major benefits:
· They help you save a great deal of time (and, in many cases, money)
· They have a lot of property and tenant management experience.
Property managers deal with a lot of moving parts when it comes to properties and tenants. Juggling marketing, showings, applications, lease signings, background checks, rent collection, evictions, tenant requests/complaints, etc. They’re also in charge of dealing with emergencies, maintenance, coordinating move-ins and move-outs, and evictions.
When Should You Hire a Property Management Company?
1. You don’t want to be a landlord.
There’s no getting around it: being a landlord is a lot of work. If you don’t enjoy serving your tenants and dealing with the responsibilities that come with being a landlord, it’s time to hire someone to help you manage and protect your investment.
2. You don’t have enough time.
We understand that time is valuable. Furthermore, as a professional, you are likely to have a number of responsibilities in addition to your real estate investments. It doesn’t matter if it’s your job, family, or hobbies that demand your time.
3. You don’t live close to any of your properties.
People invest in real estate is very different ways now than they did a decade ago. With the introduction of data-driven real estate marketplaces, you can now buy turnkey single-family rentals all over the country from the convenience of your own home. This allows you to own investment properties in markets other than your own, giving you more options for investment. It’s best to hire a property management company if you want to diversify your real estate portfolio across different markets. Not to mention that if a pipe bursts or you need someone to conduct tenant interviews, your property manager will take care of everything.
VPM & Pyramid Realty is a one-stop shop for both homeowners and investors that provides services for both investors and homeowners. As an investor, Val’s Property Management facilitates both the buying and selling of the investments, placing tenants, handling tenant issues, evictions, repairs, maintenance, rehabs and more.