Is Hiring a Property Manager Worth It?
If you’re thinking about becoming a landlord, you have a potentially profitable investment on your hands. Of course, managing a property can be stressful and time-consuming. That’s why hiring a property manager could be a huge asset for your business. Learn more about what property management entails and whether hiring a professional is worth it in your situation.
What a Property Management Company Does
In short, a property manager works directly with your current tenants and prospective renters, so you don’t have to. Rest assured that property management companies are independent contractors, so you avoid the hassles that come with being an employer. Some of the tasks that property management companies handle include:
· Marketing and advertising your rental property
· Screening prospective renters
· Collecting rent from tenants every month
· Handling maintenance requests and complaints
· Serving eviction notices
· And more
Benefits of Hiring a Property Manager
As a rental property owner, it’s up to you whether to hire a manager or not. One of your biggest concerns might be whether the services you receive are worth the cost. Considering everything they do, the small percentage that property managers collect could be well worth it. Here are the many benefits of hiring a professional to manage your property:
· Save time: If your investment property is something you handle on top of your day job, you might start to feel overwhelmed, especially if you have multiple properties to manage. Hiring a property management company frees up valuable time that you can spend on other money-making endeavors.
· Find the right tenants: Reliable, long-term renters are every property owner’s dream. If you’re having a hard time finding and retaining tenants, let a professional take over the task. Your property manager can take care of the tenant vetting process from start to finish, including expertly marketing your rental, conducting on-
WHEN HIRING A PROPERTY MANAGER COULD BE RIGHT FOR YOU
site tours, and performing background and credit checks.
· Hand over unpleasant responsibilities: You may be interested in making money with a rental property, but you don’t want to handle the nitty-gritty paperwork, property maintenance, and eviction of delinquent tenants. Your property manager can take care of everything you don’t want to deal with yourself.
· Earn more money: When you invest in real estate, you want to see the highest return on investment possible. Even though property managers collect a fee, their ability to set fair rental rates, fill vacancies quickly, and handle maintenance tasks correctly enables you to earn more money from your properties. In this way, hiring a property manager is an investment that often pays for itself.
When Hiring a Property Manager Could be Right for You
Having a professional property manager by your side could be beneficial for every property owner, but it’s especially advantageous if any of the following applies to you:
· You own several rental properties.
· You don’t live near your rental property.
· You’re not interested in managing the property yourself.
· You don’t have time to manage the property yourself.
· Your property is part of a subsidized housing program.
Hire a Property Management Company in DC, MD & VA
Since opening our doors in 1989, Tidewater Companies has provided exceptional customer service to our clients throughout Washington, DC, Maryland, and Virginia. We are different from other property managers because we offer quick response times, proactive management solutions, and innovative strategies to benefit you the most. Avoid the headache of managing your own property—leave the details to us while you enjoy the fruits of your investment!