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Are You Ready To Hire A Property Management Company?

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Marina Shlomov - Monday, March 5, 2018

 

Are You Ready To Hire A Property Management Company?

 


Managing your rental properties on your own can be challenging, but making the decision to hire a property management company is a huge decision.  When you are on your own, or use an employee to manage your rental properties, you have more control over management practices and it is easier to develop relationships with tenants and vendors used to service the property.

Cost will be the most important concern when it comes to hiring a property management company and if you are paying too much without additional benefit; your profits will suffer.  If you are considering a property management company and are concerned about maintaining profitability, read on.

 

Types of Property Management Services

 


A property management company can deal directly with existing tenants and prospective tenants.  When you transfer this responsibility to someone else, your time can be used in other productive ways.  Perhaps you can focus better on marketing efforts or on the acquisition of other properties.  Rent collection, maintenance and repair issues, tenant complaints, and evictions are all duties that can be handled by a competent property management service.

 

Are You Ready To Hire A Property Management Company?

 


There are some important factors to consider before you consider a property management company.  One of the most important considerations will be the cost, and how that cost can be absorbed by your business.  Here are some key factors you should use to determine if you use a property management company to grow your real estate business profitably:


  • If you own several properties with many rental units, you may be a good candidate.  This will give you the most efficient use of a property management company and the cost is easier to maintain.
  • If you live far away from your rental properties, a property management company can make sure that your services to tenants are administered quickly and effectively, and you can rest easy knowing that issues can be handled while you are far away.
  • If you view your rental property ownership as an investment only, and are not inclined to participate in day-to-day maintenance and tenant procurement and management, then a property management company is a good choice for your business.
  • If your schedule is overloaded and you would prefer to focus on solely on growth, you may not have the time to deal with tenants and maintenance issues.  If this sounds like you, then a property management company may be a good solution.
  • If you have room in your budget now for a property management company, you may be ready to pull the trigger.  This is especially so when you consider that a property management company will allow you to focus on refining your real estate business to make it more efficient and profitable.
  • If you want to avoid the expenses, taxes, and human resource issues associated with having your own employees, a property management company can be a great asset because you will avoid the hassles associated with being an employer.

These are just some of the indicators to use if you are considering a property management company.  Maintaining your existing profit margins and growing your enterprise can be done successfully if you choose your property management company wisely and use their services in a way that allows you to focus on high-level strategic initiatives for your real estate business.


Marina ShlomovMarina Shlomov, a managing partner at  ALH|Podland Realty & Rental Homes Property Management  is the author of many articles on Landlording, Property Management, and Real Estate Investing. A residential builder in the state of Georgia since 1999, Marina is an investor herself. Her Atlanta property management company is intended “For Investors” and “By Investors” for a simple reason – she knows what investors’ goals are and she works hard to reach their goals. In her spare time, Marina likes to spend time with her family, friends, garden, read and travel. Check her out at www.alhpodland.com. You can find Marina’s articles and comments at @rentalhomesatl on Twitter, on FacebookGoogle+, Blogger. and YouTube,  Bigger Pockets  and  REI CLub  and  LinkedIn.


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