What is Property Management?According to Legaldictionary.net, “Property management is the control and operation of real estate, personal property, equipment, or physical assets. It is most often referred to in relation to the lease or rental of the property, in which a property manager handles the maintenance and day-to-day activities surrounding the property. In rental houses and apartments, this would include seeking occupants, and collecting rent payments on a regular basis.”
In other words, property management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. A good management company brings its know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands. It is also nice to note that a management company is an independent contractor, so you avoid the hassles of being an employer. |
Do I Need to Hire a Property Manger?Like the answer to most great questions, it depends. Hiring a great property management company can make owning real estate a lot easier, but it does come at a price. This info-graphic produced by Appfolio (a property management software company) may help you realize if you need to hire a property manager. Of course, even if you answer “yes” to each question, you may simply just not want to deal with managing your own property.
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Additional Things to ConsiderStill unsure? Here are some additional considerations experts recommend taking into account. If any of these apply to you, you should probably hire a property management company:
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