WHY DO I NEED A PROPERTY MANAGEMENT COMPANY? The real question is:How much do YOU want to be involved? There are so many options when choosing a property management company
1. “You could do all your property management yourself.” If you choose to go that route, be prepared for: being available to show the property at any time (whether the prospective tenant shows or not) to vet the prospects, prepare leases and do collections.You should also be prepared for every defense in the book as to why the rent will not be on time or not at all. Not to mention, objections about paint color and complaints about neighbor noises late into the night.
2. Or, you could hire a property management company to do the minimum amount of services they offer.For example:advertising, showing the property, screening potential tenants and preparing the lease. In that scenario you would be doing your own collections and follow up on unpaid rent.Again with the multiple excuses and late night calls.“Of course we have not even talked about maintenance and repairs”
3. You could opt to have a property management company do all those tasks mentioned above plus do the collections, and “You could handle the maintenance yourself.”
Be prepared to pull anything and everything out of toilet bowls and drain pipes, clean ovens, replace breakers, tweak heaters and air conditioners etc, of course you will have to hire experts to handle all those jobs you can’t do yourself at two a.m. because that’s when the toilet won’t flush or overflows.
4. Or, hire a maintenance company.Then all you would have to do is supervise that maintenance company.Making sure their work is up to standards and you are not being ripped off. Do you know what to look for along those lines?
Wait a minute, are the tenants supposed to call those maintenance men themselves at 2 a.m. when the maintenance company charges double overtime,
Or, do they call you?
“Property ownership comes with great responsibilities and it’s always best to have someone with experience on your team.”
5. Of course you could opt to put your property completely in the hands of a property manager who not only handles all the paperwork and collections necessary, but also oversees maintenance, takes late calls and assesses the actions that need to be taken and in addition pay the bills for you.
The only thing you would be making decisions about are items that cost over a certain amount like stoves and refrigerators, major renovations or capital improvements. You will receive detailed monthly reports of all expenditures and collections. Oh what a relief it is.
“In the end, a great property management company provides you with two priceless commodities; free time and peace of mind.”