Hiring a property management company may be the key to your rental’s success. It all depends, however, on your timing and needs.
Continue reading to determine whether you can benefit from hiring the services of a professional property management company.
Too many rental units, so little time
Are you dealing with the stress of managing too many rental units?
Looking after one rental property can already be a taxing. Handling one too many, especially if you don’t have help, can be downright mind-boggling. If you feel like there is too much on your plate, a property management company can be the solution to your problems.
You can approach this in many ways. One option is to have a property management company handle all of your rental units. You can also look after a few and entrust the majority to the property manager. Some landlords hire property management companies for specific reasons, such as rental collection or marketing.
Distance is an issue
Having a rental property in a vacation hotspot or tourist destination can be a lucrative pursuit. It can also be quite a challenge, especially if you live considerably far from the rental. It may be that it’s a good hour’s drive away, or it could be located on a different state.
Instead of constantly traveling back and forth to manage your rental, you can hire a property management company. It will be responsible for handling the day-to-day affairs of your rental, from tenant relations to maintenance and rent collection.
By hiring a property manager, you will be able to save time and a considerable amount of money.
Property management is not your forte
Ideally, rental properties are great sources of additional income. But what if you know absolutely nothing about property management?
Of course, you can learn the trade yourself with tons of resources available online. You can also learn about the subject along the way, but if you would rather not risk it, it’s always highly recommended to seek the services of an expert professional.
A property management company can step in and do your landlord duties for you. Additionally, you can pick up some skills from your property manager if it is your goal to be more hands-on in the future. Once you feel you are ready, you can terminate the contract and manage the property yourself.
You can afford it
Say none of the aforementioned situations apply to you. Should you still hire a property management company?
Getting the services of a licensed property manager can be quite expensive. Aside from the charges, it is common for companies to get somewhere a share of somewhere between 5 to 10 percent of the revenue earned from rent.
If this is not an issue and you can totally afford it, there is no stopping you from hiring a property management company. To make sure you’re getting your money’s worth, however, make sure to outline all responsibilities and have a clear understanding of the services you’re paying for.
BCI Properties can help you find the most reputable property managers in Washington State. Contact them today to learn more.