Nov 8, 20222 min
Property management companies can be a massive asset to your business, but there are pros and cons that you should consider. You need to weigh the following thoughts before deciding between a property management company and being a landlord.
A property management company takes care of the responsibilities associated with prospects and tenants. They can deal with marketing, rent collection, maintenance issues, and sometimes even evictions. A good management company will bring its own expertise and know-how so you can ensure that your property is in good hands.
Is your property a source of passive income for you? A property management company may be the way to go. Being a landlord can be time-consuming and labor-intensive. Dealing with the day-to-day can make renting out homes less of a passive income source and more of a second job. Property management companies are a way to offload this work.
If you own multiple rental properties and feel overwhelmed by the maintenance of them all, consider a property management company. These companies are equipped to handle all the issues that arise while renting your properties and understand the local laws and regulations.
When consulting with a management company, expect to hear quotes of 5%-10% of what you collect in rent revenue. If this is a figure you can afford, then it may be worth it to have the weight of being a landlord lifted off your shoulders. You should consider this before deciding if you want to rent through a property management company - or before investing in property.
Finding the right property management company can be time-consuming and frustrating. You should consult with a few companies before deciding who is the right fit for you and your tenants. While a property management company may save you time in the long run, finding the perfect company could be a long process.
At Regalway Homes, we help investors make the right real estate investment decisions based on their situations. By working with us, you get a personalized investment strategy and the opportunity to partner with others to expand your investment portfolio. If you are interested in property investment, visit https://www.regalwayhomes.com/services to book a consultation.