A great management company allows you to fully enjoy the benefits of owning an investment property. By having a Property Management Company you can free up so much time to work towards your next goal while knowing your investment is being taken care of.
Benefit #1: Protect Yourself Against Scams
Consistent cash flow is impossible without timely rent collections. Tenants may not always understand their rent pays the mortgage and other expenses relating to the property. By using a property management firm you're sheilding yourself against scams and late payments.
Benefit #2: Reduced Vacancy Rates
A vacant property does not generate any income. Working with a property managment company reduces your chance of having a vacant property. Experienced firms and managers know how to get a gome rented and how to keep it occupied for extended periods of time. Potential renters ofter connect firectly with property management companies to find better rental homes.
Benefit #3: Avoid Another Full Time Job
Tenants are always going to call you if something isn't functioning properly in the home. It can happen at very inconvienent time and quite often. Hiring a property manager can help you avoid this additional work load and free up time to work on other goals. Most management firms have their preferred vendors which can result in discounted services!
Benefit #4: Get Help with Legal Matters
When you decide to become a landlord it's best to consult with a real estate attorney to make sure you understand all of your legal obligations- including evictions. Hiring a property management firm can help you avoid common legal issues that come up every now and then. At some point no matter how undesireable, you will encounter tenants who don't pay rent or damage your property which can lead to eviction. A property manager can help you manage the process and reduce the chances of it happening all together.
Property management fees are tax deductible!