As an owner of an investment property, the question arises as to whether or not you should hire a property manager to help you. The responsibilities of maintaining and running the property can quickly become overwhelming. For many owners and landlords, the obvious solution is to hire a property management company to manage the day-to-day responsibilities of the property.
There are several considerations that must be made when deciding if this is the right choice for you.
- First-Time Rental Owner – It is recommended that most first-time investment property owners enlist the help of a property manager so they get a feel for the monthly processes that are required. You can learn a lot of ways to efficiently handle the advertising, leasing, rent collections, maintenance and repair issues that come along with managing a property. Most importantly, however, you will learn what rights you have as a landlord and how to protect yourself and your investment from liability.
- Tenant Screening – Property managers have set requirements and standards for accepting or declining an applicant, thereby ensuring you comply with equal opportunity housing regulations, the Americans with Disabilities Act and other state and local rules. Avoiding one lawsuit will more than pay for any property manager’s fees many times over.
- Financial Reports and Security Deposit Regulations – Property managers will provide detailed income and expense reports, saving you time and energy when you file your tax returns. They will also manage your security deposits, ensuring you are in compliance with state and local regulations.
- Emergency and late night phone calls from your tenants – This should be reason enough for why you should choose a property manager. A property manager shields you from those headaches that are bound to happen only when you’re on vacation.
Hiring a good property management company will free up your time and alleviate stress, leaving you more time to do the things you really enjoy! Select Homes Real Estate & Property Management will help you realize the most amount of income while preserving the value of your property.