One of the most important decisions you will make as a homeowner is whether or not you should hire a property management company. Many owners manage properties on their own or with the help of an employee, such as a resident manager. It sometimes happens that homeowners need more help when property problems are complicated. This is when homeowners need to seek the help of real estate management companies.
Real estate management companies can be a great asset to your business, but they are not cheap. They deal directly with potential clients and tenants, saving you time and worry about marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even seeking evictions. A good property management company brings their knowledge and experience to your property and gives you the peace of mind of knowing that your investment is in good hands.
A real estate management company is an independent contractor and this helps you avoid the hassles of being an employer. Along with the benefits, hiring a real estate management company also has the downside of being expensive. If you live far from your rental property, it will be difficult for you to handle property problems from afar. Most landlords hope to find good tenants to keep their property in good and attractive condition.
On the contrary, few owners see their property as a mere investment and are not interested in lending it to any tenant. In this case, the best option is to hire a real estate manager to take care of the property and handle related matters. Even if you enjoy hands-on management, you’ll run out of time to focus on growing your business, putting you in a position to hire help for your property. Hiring the help of a real estate management company is an attractive option if you can afford the fees. When interviewing management companies, expect to hear quotes ranging from 5% to 10% of what you collect in rental income.
Trying to choose a real estate agent can be overwhelming, after all, you need someone with experience, energy, and passion to succeed. Perhaps even more important, someone who will speak with you and speak honestly about how the real estate industry can work successfully for you. In real estate, it’s all about service, and that’s what pays off!