Purchasing a rental property can be a great investment, but it also involves a great deal of work. After buying a property, you will have to find tenants and manage the property, which will take hours of your time every month. Because of this time commitment, many landlords now choose to hire a property management company to handle this aspect of the rental. Although using a property management company will cost you some money, many believe the benefits are well worth this cost.
Your Role Without a Property Management Company
If you do not hire a property manager to deal with your rental, you will have to deal with a number of different aspects on your own. This process starts with setting the rent, advertising, showing the property, and screening the tenants. Next, you will have to handle all of the basic maintenance, repairs, and landscaping, which can take a lot of time, depending on the size of the property. You will also need to have legal knowledge so that you are aware of your rights and responsibilities. You will have to collect rent monthly and be available for emergencies around-the-clock.
What a Property Manager Does
When you hire a property management company to take care of your rental, you will not have to handle any of those issues. In fact, all you will have to do is make the final decision on the tenant who moves into the home, pay for repairs, understand your basic rights and responsibilities, and insure the home. Other than that, your property management company will deal with every issue that arises, saving you countless hours each and every month.
Making the Decision
In the end, your decision to go with a property manager comes down to how much free time you have. If you work full-time and really do not have the time to spare on this property, you are better off hiring a professional. At the very least, you can be certain that your rental will be properly maintained and that all of your legal obligations are fulfilled, leaving you with one less thing to take care of with your investment.