Purchasing a rental property can be a great way to supplement your income, and during your retirement years, this extra income could be of great comfort. In the mean time, your rental property can also become a a burden, as you must deal with unruly tenants, rent collection, and surprise maintenance issues. If the main reason that you are avoiding owning a rental is due to all of the duties required of the landlord, you may want to consider hiring a property manager. A property manager will find good tenants (and evict the bad ones), collect rent, and make sure the property is in good repair. The following article outlines the pros and cons to hiring a property management company such as www.LeesLeasingCompanyLLC.com to help you make an informed decision.
Pros and Cons to Property Management
A property manager can really lighten your load as a landlord and take all of the work off your hands. If you are considering hiring a property manager to take care of your rental property, the following list of pros and cons may be able to help you out.
- Pro: A property manager’s fees are minimal. Most property management fees are around 8% of the rent, which is a nominal fee considering all that a manager does to keep your property taken care of. If you only have one property, you may not feel that this fee is worth it, but if you have multiple properties, a duplex, or a fourplex, you should strongly consider a property manager before the task of filling these properties and keeping them maintained becomes too overwhelming.
- Pro: A property manager can do as much or as little as you wish. If you want to be in charge of repairs, a property manager will be okay with that. They will use service companies that you suggest, and will only have repairs and replacements done with your okay. However, keep in mind that a property manager understands the rental market and tenant rights better than you, and so you should probably listen to their advice on changes and upgrades to your rental property, as it will help you find good tenants and keep them longer.
- Pro: Property managers are experts at what they do. If you decide to take on the task of landlord all by yourself, you will have to find desirable tenants, collect rent, evict poor tenants, and either do repairs yourself or hire someone to do them for you. A property manager has the time, resources, and know-how to do all of these things properly and efficiently. He or she has a list of reputable vendors that can do repairs, has access to background checks and credit checks, and will be devoted to making sure your property is taken care of. Most importantly, they will ensure that the rent is paid, and if it is not, they thoroughly understand tenant rights and will get your tenant evicted legally and safely. For more information about how a property manager can help you, visit a website such as www.LeesLeasingCompanyLLC.com.