Landlords generally consider property management services a worthwhile expense. Property managers are hired to handle the tedious tasks of real estate leasing and administration. But for landlords who have never worked with professional property management companies, unfortunately, many believe it’s expensive.
Remember that not all property management companies are the same. It’s important to do your research and find a reputable company that has experience managing properties like yours.
Some landlords feel they can self-manage their properties and don’t want to pay someone else to do it. That’s understandable. However, it’s important to note that hiring a property manager can help landlords save money in the long run by finding the best tenant, collecting rent, preventing legal problems, saving on repairs and maintenance, and shortening vacancy periods.
Landlords typically take at least two weeks longer to rent a property than a property management company. That loss of income is usually about half the cost it would take to hire a manager for a whole year. The landlord also loses money when, as often happens, the home is priced too low.
Hiring a property manager to help you with your business is not as costly as you may think. Standard costs for property management usually include management fees, a flat fee or percentage of rents collected — usually between 8% and 10% for single-family homes. You may also need to pay the marketing costs, tenant placement fee and lease renewal fees.
Do you have the time to meet your tenants’ needs promptly? Tenants need constant communication, maintenance, repairs and record-keeping.
Do you have the time to keep up with changes in tenant-landlord laws that can be very costly if you fall out of compliance? Managing your own property takes away from the time you need for your career, hobbies and investments.
Crest Premier Property offers management services that keep your property fully occupied while earning more rental income from your investment.
This sponsored content was first published in the August edition of InMaricopa Magazine.