Have you purchased multiple rental properties as a way to bring in some steady income every month? If so, you may be discovering that the properties are becoming a bit of a headache to manage. For new landlords still work a day job, you may find yourself in need of professional help to take care of your properties for you. These are three common questions about using professional property management:
What Services Does Professional Property Management Offer?
There are many services that are offered by professional property managers that you may not be aware of. It is common for them to find you quality tenants to deal with vacancies, which is done through background checks, meeting the potential tenant in person for showings, and making sure that they stick to the lease agreement. You will no longer have to deal with the security deposits as well, which includes deducting money for not leaving the property in good condition when a tenant leaves.
You'll find that there are many services that you can benefit from, all of which do not involve you hiring staff to do it for you.
What Kind of Landlords Use Professional Property Management?
For landlords that own a single property, you may find that the cost involved with professional property management will not make it viable for you. You will most likely be able to take care of managing a single tenant on your own without many problems.
However, things get more complicated when you have multiple properties and tenants, especially when a property has multiple units. The task of managing so many properties in different locations can eat into all of your free time, not allowing you to enjoy the additional income.
Property management can be really helpful when you are finally ready to retire. The properties will still belong to you, but you may be looking to step back and have someone else handle the day-to-day operation of managing the properties. Hiring management can be the perfect way to still own those properties in retirement and not put in all of the hours to take care of your tenants.
How Much Will Professional Property Management Cost?
It is common for property managers to take a percentage of the rental income in exchange for their services. Each company will offer their own rates, so it is best to get several quotes, so you know that you are getting a fair rate.