Whether you jumped into rentals or became a reluctant landlord, chances are handling tenants isn't your primary job. So should you DIY property management or hire a property manager?
Many homeowners' motivation for hiring a management company is to avoid any liability or risk associated with having a rental property.
It’s true that a good management company can dramatically reduce your risk and liability. However, a property management company cannot eliminate your risk completely.
Hiring a good property manager can help with the following:
1. Attract higher quality tenants
This is accomplished with a thorough screening process and background check. A quality tenant will normally pay on time, rent longer, put less wear and tear on the property, and generally cause fewer problems.
2. Shorten vacancy cycles
With a good marketing campaign for the property, the quality property management company will in turn get numerous applications to rent the property.
3. Retain tenants longer
A professional company can keep tenants happier with the turnkey systems they have in place. If a problem with the property ever arises for the tenant, they can rest assured that the property management company will get the issue resolved in a timely manner.
4. Reduce owner stress
Homeowners don’t have to deal with maintenance emergencies or rent collection. Owners can live anywhere they want without the constraint of having to live near their properties. They can just sit back and receive money directly deposited into their bank accounts.
5. Collect rent efficiently
A professional company will have a strict rent collection process that isn’t negotiable with the tenants. Tenants know that they’ll be hit with late fees if they don’t pay on time. A good property management firm knows the law for the eviction process, so a tenant has the fear of getting evicted if they don’t pay on time.
A good property management company will pay for themselves by getting a higher rent rate for their owners’ properties.Choosing the best property management company to handle your real estate investment is crucial for your success. Make sure they are competent, trustworthy and a good fit for you and your property.
About this Experts Contributor: Aaron Lieber is the general manager and broker at Brickleys Property Solutions, a property management company in Colorado Springs, Colorado. He’s been an entrepreneur for the past 11 years, a property investor since 2005 and a licensed real estate broker since 2015. You can follow this service provider on Facebook and Google+.
As of Nov. 18, 2015, this service provider was highly rated on Angie's List. Ratings are subject to change based on consumer feedback, so check Angie's List for the most up-to-date reviews. The views expressed by this author do not necessarily reflect those of Angie's List.