Property Management has it’s share of nightmares. Talk to any landlord and you will inevitably hear the horror stories: the middle of the night phone calls that the heat is out or the toilet is overflowing; paying exorbitant after hours/weekend/holiday rates to make repairs; paying the same rate for repairs whether you have one property or 100; having a tenant leave without paying rent or leaving behind expensive repairs; or having a bad tenant stay and deal with the hassle and expense of an eviction procedure. All of that can be minimized by hiring a property management company.
A property manager’s main job is to manage, repair and maintain an owner’s property all while keeping the hassle and expense to a minimum. Property owners are renting a property in order to fulfill a goal: pay the mortgage on it, keep it from being empty and becoming a problem property, or to make money. A well maintained property keeps its value, and also keeps the tenant happy and paying rent. The property manager is who your tenants can call in an emergency. A proactive property manager has the skills to keep the emergencies from happening, or have the skills to fix most things keeping those exorbitant repair bills from happening. The property manager also deals face to face with the tenants on rent issues, and, if necessary, has a “back up” list of tenants to fill in an unexpected vacancy. For the non-paying tenant, the property manager deals with the eviction process for you.
You will pay the property management company a fee to do these things, so you will need to be sure you find one that is reliable for the money you pay them. They will hire good property managers for your properties. As a good property management company they will have researched the people they hire. But the fee is worth the peace of mind you will have knowing that your property or properties are well cared for and you won’t be having those nightmare situations quite as often! Bottom line, the maintained value of the property and continued rental due to the efforts of the property management company to collect the rent, and to keep the property from being vacant, is worth the cost of the of the service.