A lot of individuals discover that investing in rental properties is a profitable means to generate money and accumulate assets. Nonetheless, being a landlord involves significant effort, such as managing tenants, collecting rent, and addressing maintenance tasks. This can quickly become overwhelming, thus employing a property management company can be a valuable solution.
While there are benefits and drawbacks to hiring a property management company, it’s vital to carefully consider them before making the appropriate decision.
Advantages of Professional Property Management
Even if you possess just one rental property, there are numerous benefits to hiring a property management company.
- Time Savings: An important perk of using a property management company is time-saving. Property managers are professional authorities who oversee tenant applications, rent collection, maintenance requests, and more.
- High-Quality Tenants: Management companies have a screening process to select tenants of excellent quality. This screening process aids in reducing the risk of tenants who might not pay rent or cause damage to the property.
- Maximize Rental Income: Property management companies possess the expertise and experience to establish a competitive rental price for your property, thus maximizing your rental earnings and ensuring profitability even after expenses are accounted for.
- Legal Expertise: Expert property managers are well-versed in landlord-tenant laws and can ensure compliance with regulations, thereby minimizing legal risks.
- On-Call Maintenance: A property management company can handle maintenance, repairs, and emergencies for your rental property, even outside regular business hours.
The Disadvantages of Professional Property Management
It’s crucial to acknowledge that property management companies can be helpful, but there are also drawbacks to relying on them.
- Cost: One of the key disadvantages of hiring a property management company is that it comes with a cost. Your payment is contingent on the terms of your agreement and can be either a percentage of the rent or a fixed monthly fee. It’s essential to thoroughly assess whether the benefits provided by the property manager are worth the cost.
- Lack of Control: When you hire a property management company, you cede some control over the management of your rental property. They are possibly tasked with making decisions about tenants and repairs. This could be preferable for some owners and not for others, but it can alleviate stress and save time. Whether or not to hire a property management company depends on your individual needs and preferences.
- Opting for Cheap over Quality: Avoid selecting the least expensive property management company solely to save money. They may not have the necessary experience to effectively manage your rental property. Furthermore, their services might be subpar, and their standards inconsistent. Instead, select a property management company renowned for its solid reputation and high standards. Comprehensive research is key.
Choosing to hire a property management company has its benefits and drawbacks. They can handle many day-to-day responsibilities of rental property management. Conversely, there is a financial implication, and some landlords may feel they are losing autonomy. It’s essential to carefully evaluate both sides before making a decision.
If you’re seeking top-notch property management services in Portland and its vicinity, Real Property Management Solutions is at your service. Our seasoned team is here to help you evaluate your needs and ascertain if property management is the right choice for you. Contact us online or call 503-224-3002 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
