You’ve done it: the first rental property you own has begun giving its profits and now it’s time to invest again and purchase the one you saw advertised on your drive to the city. After having spent months, maybe years, tending to your first rental property’s needs, you begin to wonder if you should hire a property manager to assist you. Unless you know every single tenant-landlord law and regulation and have all the time in your hands to fully dedicate yourself to addressing your apartment or commercial building’s needs, then the answer to “should I hire a property management company?” should be “yes!”
Owning a rental property comes with many challenges, especially if you’re renting out a multi-family apartment building with over a dozen units. In some cases, having a resident manager comes in handy as she or he will handle repairs or any issues that come up in the spot. However, if there are many units in the building, and if you own more than one building, it is best to hire a property management company to ensure your investment is in good hands. Furthermore, if you do not live near your rental property, it is best to have professionals who will manage the property and its needs, saving you time and making it more convenient for everyone.
A rental management company is staffed by experts who will take care of every aspect of your property. They will handle contractor services such as landscape and maintenance, and very importantly, ensure rent is collected on time. The biggest advantage of hiring property management is that they possess the knowledge of tenant-landlord regulations and other property laws, meaning they will take care of more sensitive matters such as pursuing an eviction. If you own an apartment building that is part of an affordable housing problem, you want to ensure your building continues to receive the financial assistance or grants. A good property management company will have the experience necessary to make sure your building and tenants continue to abide by the rules.
If you decide to hire a property management company, make sure to speak to other property owners to get a good recommendation. Search for property management companies, and request to interview them. Property management companies are independent contractors, saving you the hassle of being an employer, although at the beginning you will have to invest the time to confirm they are the best property management for your properties. Expect to hear quotes ranging from five to ten percent of what you collect in rent.
At Aperto, our approach to property management is simple. We deliver consistent and meaningful value through our team and service. Learn more about our property management services by visiting our website!
