Soon after acquiring that long term investment, one of the decisions you’ll have to make is whether to invest in a property management. There are those people who choose to manage their own properties in order to avoid the cost of hiring a management company. But hiring a company that is fully dedicated to managing your property is important. Ask yourself the following questions if you want to find out if seeking a property management service is for you.
How many rental units do you have?
If you own multiple rental units, it will be almost impossible to manage all of them effectively on your own. You’ll need a little more help in handling the different demands of tenants.
How far is the property from where you live?
Can you visit the rental property as often as you’d like. If you live far from where the property is situated then it’s best to deal with property managers who will be physically available in case issues which cannot be handled from afar arise.
How much time are you able to devote to the property?
If you have other obligations such as work and family then hands on management will be difficult. You may not have time to search for new properties, arrange for renovations or even handle client complaints. A property management service will come in handy when you don’t have time to devote to this long term investment.
Can you afford it?
Property management certainly comes at a price. You need to seek this service if you can afford it. You may end up paying up to 10% of the total rental revenue but this amount is certainly worthwhile considering the time and money savings you’ll acquire from the service providers.
Are you able to enforce the contractual agreement?
Issues may arise where the tenants are not fulfilling their end of the deal. Will you be ready to take action even if it means evicting the tenants? Property managers can handle all these matters for you.
As you ask yourself these 5 important questions, remember that a property management service is going to do much more than just collecting rent, handling complaints and maintenance issues. These professionals can do all it takes to give you peace of mind that your investment is in good hands. If you need more help, they will be happy to offer it.
If you are considering hiring a property management company, RPM Rincon offers reasonable pricing and handles all the conversations with tenants, the repair work and everything needed to secure your investment. Hiring RPM Rincon is well worth the cost.