If you have a rental property, the chances are that you’ve considered hiring a property management company at some point. And that’s a thought worth pondering. While some rental property owners might balk at the idea of shelling out cash to someone else to care for their investment, for others, nothing beats the professionalism and expertise a top-notch management firm brings to the table.
But wait, there’s more! When you hire property management experts, you can access benefits and expertise most do-it-yourself landlords only dream of. Still on the fence about hiring a property management company? Here are six reasons why professional property management might be your smartest choice.
Lower Maintenance and Repair Costs
Maintenance and repairs can be a difficult aspect of rental property ownership, specifically if you are new to being a landlord or don’t have much time to do the work yourself. But more than that, figuring out who to call when disaster strikes can be a bit of a head-scratcher. Figuring out when a job requires a licensed contractor is sometimes tricky to discern. The last thing you should do is choose a service provider randomly because you need someone as soon as possible – that is an excellent way to end up paying far too much for lower-quality service.
On the flip side, a property managers can help you handle preventive maintenance and repairs that will help avoid expensive emergencies. Plus, the best property managers know all the right contractors who have earned their stripes as trustworthy service providers. These relationships with contractors can help reduce maintenance and repair costs while keeping your property in good condition.
Trusted Vendors
Your rental property is a valuable investment. Well, relying on experienced and trusted vendors for all the services you need? That’s just smart thinking. But if you’ve never dealt with vendors or negotiated service contracts, you might end up shelling out way more than a management firm would charge. One great benefit of professional property managers is that they have done all the legwork to vet their preferred home service vendors, removing all the guesswork of hiring the people you need. Added to that, a management company usually holds way more cards than a solo property owner, which often means better pricing and lower service costs coming your way.
Accurate Rental Market Data
If you are unfamiliar with rental property ownership, the probability is you don’t have much experience measuring your local rental market. Tragically, this usually results in landlords who don’t know how to accurately research and find comparable properties and, therefore, determine a reliable, fair market rent. If you’re feeling a bit shaky about your ability to compete in the market, a property management company can be a huge help. As experts in the local rental market, first-rate property management companies will do all the research on your behalf. Providing you with local, comparable properties and a fair market rental rate that you can feel confident charging your renters.
Maximize Monthly Income
Getting the correct rental rate is key to maximizing your monthly rental income. If you’re not doing so, you’re leaving money on the table, or worse, you may price the investment property too low, bringing about a more prolonged vacancy as prospective renters wonder what is the problem with the property. However, there are plenty of other methods that a professional property management company can help you maximize your monthly income.
Professional Tenant Relations
One worry that frequently holds rental property owners from hiring a property management company is the dread of angering a current tenant. It’s a totally valid concern: tenant relations can be difficult for rental property management. It takes time and effort to communicate well with tenants and swiftly answer their questions and requests. On the other hand, the possibility of upsetting your tenant is small in contrast to the perks of saving all that time by passing your property management over to a trusted professional property management company. An experienced property manager may even offer more peace of mind to your tenant, something many renters are satisfied with.
Property Management Pays for Itself!
Many do-it-yourself landlords are convinced that handling their property management is the budget-friendly route. Let’s face it: owning a rental property is a long-term investment that should be entrusted to the experts. Partnering with a property management company is like finding a money tree – instant convenience, time savings, and profits that just keep growing. After hiring trusted professionals, you may wonder how you survived without a property manager!
At Real Property Management Trailhead, we team up with rental property owners to maximize their real estate investment. Want to know more about our property management services in Weatherford and the surrounding area? contact us or call 817-930-1160 today!
Originally Published on June 18, 2021
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.