5 Situations When to Hire a Property Management Company - What to Know
Although many landlords today manage their properties, some resort to hiring a property management company instead to do the managing aspect for them. If you are wondering why some do that, and others don't, it's primarily because some need more help than others. Of course, many landlords are more than able to manage the properties by themselves or with the help of someone else. When more help is needed, however, hiring from a property management company is a viable solution. Just remember that though there are many benefits to the hiring landlord, it also costs quite a bit of money.
If you relate to any of the following five situations, you'll want to consider hiring a property manager:
1. When you live far from your rental property
Managing properties that are far away from where you live can be quite a challenge. Many issues and problems can arise, which you might not be able to address without physically being there. Because of this, the help from a property management company can be invaluable because they'll take care of the problems for you without you having to leave the comforts of your home.
2. When you want to focus on other things instead of management
Many landlords out there love the challenge of looking for great tenants and maintaining a beautiful property for their tenants to stay in. Of course, this isn't what every landlord wants to do. Some others want to spend their time and effort investing in a property, and there are others who want nothing to do with managing. If you're one of them, consider hiring from a property management company instead.
3. When you don't have enough time to manage your property
Even if you live nearby your rental property, you might be overburdened with other tasks that you do not have to manage the rentals properly. This is especially true if being a landlord isn't your primary job. That said, if you have another main job and being a landlord is just a side job, the services of a property management company is a viable option to allow you more time to focus on other things.
4. When you can afford to hire a property manager
Of course, you should only ever consider hiring a property management company if you can afford to in the first place. If you want a rough idea of how much it'll cost you, expect up to ten percent of what you collect in rent.
That said, make sure that you indeed need help from a property manager before you hire so that the amount you pay for their services will be worth the cost.
5. When you have many properties or units to manage
In most cases, if you own only one property or a few rental units, hiring from a property management company might not be worth the money. However, if you have plenty to manage and you're overwhelmed with management-related tasks and need help, especially if your business grows substantially and needs proper managing, hiring one will then be worth the money. With their help, you won't have to focus on many properties at once so that you can pay more attention to growing your business even further.
There are many reasons you might want to consider hiring a property management company. If you can relate to any of the situations we've mentioned above, then we recommend that you hire from one immediately. While it might be quite costly to do so, you'll soon see that their help becomes invaluable. Not only will they take away many of your management tasks, but they'll free up plenty of time to allow for growth and expansion of your business.
If you’re looking for a property management company in New York, get in touch with us today for a free consultation.