Owning rental properties can be a great source of passive income. However, the more time you spend maintaining and repairing the properties, the less profit you are going to receive. There are many reasons to consider hiring a property management company to handle your rentals so that you can attend to other pressing issues in your life.
Your primary employment and family responsibilities might compete with managing the rental units that you own. It can be tricky balancing several heavy demands on your schedule at the same time. A professional management team can take care of the necessary work and provide a report or an invoice to let you see how issues have been handled. What could typically require hours each week to handle might be reduced to a few minutes of reviewing a statement and writing a check or paying the invoice online.
Although you will have to pay a property management company a monthly fee, in the long run you can save money for the various repairs and upgrades that your rental properties will need. A professional management company employs skilled workers with expertise who can do the necessary work in a fraction of the time it would take someone who is less knowledgeable. That translates to reduced time spent doing the work, which can lead to lower costs. In addition, the company may have connections to building suppliers who can provide parts and tools for less than you would pay for them. You can also save on fuel expenses needed to drive back and forth to the properties to make repairs.
A property management company’s employees are generally licensed, bonded, and insured. That provides added protection to the work being done on your properties. Having the repairs made by experienced workers can get the work done more quickly and boost your renters’ confidence and security.
Property management employees will take those emergency calls that come in at midnight or on the holidays, so you don’t have to. They can also arrange for specialty services if needed, such as a plumber or electrician, instead of you being on the phone trying to find someone to handle an emergency situation for a tenant’s apartment. Reduced stress with increased peace of mind are often well worth the cost of hiring a management company.
If your rentals are taking too much of your time and energy, let a property management company do the work for you.