Owning rental property can be profitable, but managing it yourself isn't always the best choice. Here's when hiring a property management company makes sense.
6 Signs You Need Professional Property Management
1. Your Property is Far Away
- If you don't live near your rental property, you need someone local who can:
- Handle emergencies quickly
- Check on the property regularly
- Know reliable contractors in the area
- Meet with tenants face-to-face when needed
2. You Don't Want the Hassle
- Managing rental property involves lots of tasks:
- Collecting rent every month
- Finding and screening tenants
- Handling maintenance and repairs
- Dealing with tenant complaints
- Following landlord laws
- If this sounds overwhelming, hire a professional.
3. You Want to Stay Out of Tenant Drama
- Many landlords prefer to avoid direct contact with tenants. A property manager handles:
- Difficult conversations about late rent
- Complaints and disputes
- Move-in and move-out inspections
- Evictions if necessary
4. You're Too Busy
- If you have a full-time job or other commitments, property management takes time you might not have. Professional managers work while you focus on other things.
5. You Can Afford the Cost
- Property management typically costs 8-12% of your monthly rent. Many owners find this worthwhile because:
- It saves time and stress
- Professionals often get higher rents
- Properties stay rented longer
- You avoid costly mistakes
6. You Own Multiple Properties
- The more rental properties you own, the more sense professional management makes. It's much easier to have one company handle everything than juggle multiple tenants yourself.
What Good Property Managers Do
A quality property management company will:
- Find and screen good tenants
- Collect rent and handle late payments
- Coordinate all maintenance and repairs
- Conduct regular property inspections
- Handle legal issues and evictions
- Provide monthly financial reports
How to Choose the Right Company
- Look for a property manager who:
- Knows your local rental market
- Has good reviews from other landlords
- Offers clear, fair pricing
- Uses modern technology for communication
- Has proper licenses and insurance offering
The Bottom Line
Hire a property management company if you value your time, want less stress, or lack experience with rental properties. While it costs money, good management often pays for itself through higher rents, fewer vacancies, and avoiding expensive mistakes.
Ready to learn more?
Contact Summit today for a free consultation to see if professional property management is right for your rental property.