3 Questions to help decide if rental property management is right for you
If you own rental units, you may feel the need to manage everything yourself. Many property owners wish to maintain full control of their properties so they can reap all the benefits directly. However, managing the entire property by yourself can easily become overwhelming. Tenants often require constant and reliable services, from regular repairs to dealing with rent collection.
Your daily schedule may not provide enough time to cater to such frequent tasks. Therefore, hiring a rental property management service may be the best option available. These professionals have experience in handling large and small properties while dealing with many different tenants.
If you're still on the fence, here are 3 questions you should ask yourself when considering rental property management services.
1. How far do you live from the site of your property?
If you live more than 30 minutes away from the site of your rental properties, you should consider handing over management responsibility. The constant travelling back and forth may take up much of your free time and result in unnecessary costs.
There are many problems that your tenants may need immediate attention with. For example, plumbing issues (such as blocked or burst pipes) often require immediate attention. Electrical issues are no different.
Rather than spending your entire afternoon fixing a clogged toilet in your tenant's apartment, why not hire a property management company? These companies often have professional plumbers, electricians and other personnel on standby to handle such issues.
2. How many rental properties do you have?
If you have a large number of rental properties, you may find it overwhelming to cater to all the needs of your tenants. Repairs are not the only issue of concern. You may also find it challenging to collect all rental payments on time or to handle disputes between neighbouring tenants.
In such circumstances, a rental management company is a useful option to consider. These companies have the staff necessary to cater to all your tenants, collect rent payments on time, and resolve various disputes.
Many property owners are also reluctant to hand over management responsibility to a third party. They may feel as if their bottom line is being affected or service delivery will be subpar. On the contrary, property management services ensure that your tenants are well taken care of.
3. How many of your rental units are vacant?
If you're having trouble filling up your rental units, hiring a property management company should be a no-brainer. Not only do they offer better services to tenants, but they can also advertise your empty units to be filled up by new tenants. This is a win-win situation for both you and the company.