Why Do I Need a Property Management Company?
The real estate investment world can be incredibly attractive. You can take advantage of its value if you have the knowledge, experience and time to properly manage your investment.
Many investors consider a property management company. They consider the reasons to hire a property management company and the reasons to self-manage, and they most often make a choice based on cost savings.
The Benefits of Hiring a Property Management Company
Reasons to hire a property management company include the peace of mind and extra free time that most investors expect — but many don’t realize that a good property management company helps save money by efficiently taking care of maintenance needs, quickly filling vacancies and more.
To help you make the best decision for your property, consider the benefits of hiring a property management company:
- Responsiveness: Tenants have needs around the clock, including serious matters like water leaks, but it might also include false alarms. An incident that causes your phone to ring at 2 a.m. would be a serious inconvenience, especially if it’s a false alarm. A strong management company you can trust will take the 2 a.m. phone call and respond to the problem, whether real or imagined. Property management companies deal these situations all the time, and they know how to quickly offer a resolution — without rousing you from bed in the middle of the night.
- Quality: Some property owners try to perform maintenance on their own to save money. Others go with local handymen who they assume can handle everything on a property. It’s rarely the case that a property owner has the knowledge and skill to properly handle all maintenance issues. It’s just as unlikely that a single handyman could do the same. When you hire a property management company, you hire a group that knows the challenges of property maintenance inside and out. The company will also utilize a list of qualified, proven service providers that can deliver specialized, quality maintenance, service
- Conflict Management: Property ownership can be extremely rewarding and profitable, but there are issues that arise that no property owner wants to face. When you have to evict a tenant or turn unpaid rent over to collections, tensions can run high between management and tenant. A good property management company has experience in these uncomfortable situations. The company can diffuse tensions and help achieve the desired result — a tenant to move out without fuss or a late payment to be made. After a tenant leaves your property, a good management company can help quickly fill the unit to ensure your vacancy rate remains low.
- Protection: Property management is more than opening your doors and welcoming tenants. There are rules and regulations specific to your area, which dictate what you can and cannot do as a property owner. When you approach property management alone, you may unknowingly violate rules and regulations unless you spend time gaining an in-depth understanding of them. When you hire an experienced property management company, you benefit from its knowledge and expertise of what’s allowed under the law — this can protect you from lawsuits and other undesirable situations.
- Professionalism: Perhaps the hardest part of hiring a property management company is finding one you can trust. Harrisburg Property Management is a leader in the market. We provide the results you demand and the peace of mind you want from a property management company. We worry about the emergencies, maintenance, tough situations and more, so you can enjoy your investment and reap the financial rewards of a well-managed property.
Are you asking yourself, “When should I hire a property management company?” If so, understand that the best time is upon purchase or the decision to rent a previously lived-in home. A good property management company can help evaluate the property and discuss the current tenants. The company should gain a good understanding of your goals for the property, financially and otherwise. Your property management company should create a management plan that aligns with your goals.
Trust our process at Harrisburg Property Management. Contact us today
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