Why It's Often Worth It To Pay A Property Manager
Posted on: 6 June 2023
When you become a landlord and start renting out properties, there is a big question you have to ponder. Will you be a DIY landlord, or will you hire a property management company? Hiring a property management company does cost more up-front, which is why people often avoid this approach. But in the long term, you are often better off paying the property management fee and passing some of the responsibility on to the property manager. Here's why.
You'll probably end up with better tenants
The tenants you end up with can make or break your situation as a landlord. With good tenants, you'll get consistent rent checks and the space will be clean and in good repair upon move-out. With bad tenants, you may find yourself having to make expensive repairs or evict someone due to nonpayment. Property managers are experts at screening tenants and are likely to do a better job of finding responsible, paying tenants than you are as someone new to the world of rentals. Paying for a property manager is worth it if means you can spend less on repairs, have fewer vacancies, and not have to chase down rent checks every month.
You might get a discount on any work you need to be done
Owning rentals almost always means hiring contractors. You will have to call plumbers to fix leaks and clogs, drywall people to repair holes in walls, and so forth. Property management companies often have contractors they rely on for these things, and they often get a discounted rate because they need so much work done. If you were to hire the contractors on your own, you would likely pay more. In other words, paying a property manager saves you money on construction work.
You won't be disturbed by tenants at inconvenient times
When you're a landlord, you always need to be available for tenants to reach out to. This might mean they call you while you are at work, or in the middle of the night, to deal with an emergency situation. This can feel like a lot to juggle. Hire a property management company, and they'll be the ones who get to field these calls. If they need to inform you of anything, they will typically wait until business hours to do so.
Hiring a property manager makes living as a landlord so much easier. You will be disturbed less, save money on contractors, and end up with better tenants. For more information on property management, contact a professional near you.
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