Hiring a property management company bears with it many advantages. This is especially so when it comes to getting you reliable tenants, conducting maintenance and repairs, collecting rent in time and saving you the hassle of handling the property issues yourself. However, relying on a property management company is not for everyone. You have to consider some very key factors when deciding on whether to hire or not to hire a property management company. Consider the following factors when making your decision.
1. How many properties or rental units do you have?
Consider the number of rental properties you own and determine if you can effectively handle their management by yourself. The more the properties you own, the more you are likely to benefit from the services of a company dealing with property management Chapel Hill NC. Property management companies are professionals in rental property management and are therefore able to give all your properties the time and attention they deserve.
2. Are you interested in hands-on management?
There are many landlords that look forward to the challenge of maintaining their rental properties on their own. Some get a thrill when it comes to finding good tenants for their property and collecting rent by themselves. However, if you view your rental property as an investment only and want little or nothing at all to do with its day-to-day management, consider hiring a property management company.
3. Do you live near your rental property?
If you do not live near your rental property, hiring a property management company can be invaluable when it comes to dealing with the day-to-day issues that you will not be able to handle from afar. Property management companies have ready-by personnel to handle any issues raised by tenants in time.
4. Can you afford the cost?
Hiring a property management company is a great option to go for if you can afford the fees. Many property management companies will give you quotes ranging between 5 and 10 percent of what you collect in rent revenue. Different companies will charge differently depending on the amount and quality of service they offer in return.
5. Do you want the hassle of handling employees?
If you decide to manage your property by yourself, you might need to hire a resident manager or other employees to help with the management of your property. This will prompt you to start handling payroll issues and a host of other legal requirements and considerations. But with a property management company, you avoid the hassles of being an employer as a property management company is an independent contractor.
6. Do you have ample time or is it limited?
Even if you may enjoy hands-on property management, you may not have adequate time to delegate to the management of your property. This is especially so if being a landlord is not your day job. You may prefer to just hire a property management company and get yourself time to spend growing your main business or investing in new areas.