Have you recently purchased or are thinking about purchasing one or more properties for the purposes of turning it or them into rental properties? Will this be your first foray into being an actual landlord? If you've never been a landlord before, you might be under the impression that this is an easy way to sit back and get money for doing almost nothing. While this is partly true in that you don't have a regular nine-to-five job, being a landlord can still be a lot of work. As such, it's a good idea to hire a property manager to handle everything for you. Some of the best reasons for doing this include:
More free time: Although you don't have to report to a boss every day in order to collect your rental check every month, you can't simply take off and expect everything to go smoothly. If the roof should leak, a pipe should burst, or something should go wrong with the electricity, it is your responsibility to fix it. This is true even if you happen to be on the other side of the country at the time. Property management companies provide a buffer in these instances, fixing the immediate problem for you and then letting you know later.
Saving money: Property management companies are obviously not going to be free, but they can save you money in the long run. They often either employ their own handymen or have agreements with various repair companies in the area who are willing to offer discounts. These are discounts that the property management companies are able to get due to the volume of business that they provide the repair companies, discounts that are significantly less than they'd charge you for the same work. All this means that, although the management company isn't free, it might as well be when you weigh it with the cost of everything that it provides.
Tenant selection: One of the hardest things for landlords to do is to attract viable tenants and then to decide exactly who will get the house or apartment in question. There are many legal criteria that you can use to choose, and some illegal criteria that some people try to use. An inexperienced landlord may accidentally fall afoul of the law when selecting tenants, opening himself or herself up to potential lawsuits. Property management companies are experienced in being able to select the right tenants for your property without accidentally giving the impression that they are using less-than-legal selection methods.
After thinking long and hard about what to do with my living situation, I finally made the decision that it was time to buy a house. I was tired of living paycheck to paycheck because of rent, so I began working with professionals to guide me in the right financial direction. I was able to find a great company that offered exactly what I wanted to learn, and they walked me through the financial aspects of home ownership. Within a few short months, I was living in a gorgeous new home that I absolutely loved. Check out this blog for great advice on home ownership.