As a tenant, renting through an established property management company benefits you by knowing you are in the care of experienced, knowledgeable managers. Whether you are an owner or a tenant, imagine renting a home managed by a novice. If they have other properties or obligations they may be difficult to reach in urgent situations or manage unlawfully.
Now imagine renting from a qualified property management company. Renting from these experts can protect you from unintentional neglect and avoidable legal actions, while providing you with excellent service by specialists in this industry. The real difference is in their experience in the field prepares them for all kinds of emergencies. For both renters and owners, this quality can make your decision to work with a professional company.
As an owner, using a property management company allows you to benefit from your investment without the stress. When you manage your own property, you become bound to your tenants, restricting vacation and personal time. This is especially the case when you manage multiple properties, as many investors do. Not only do you live around these timely obligations, but emergency repair issues will interfere with your plans. Be prepared for emergency phone calls in the middle of the night. What do you do when you are at the airport, about to board a flight and your tenant calls to tell you a water pipe bursted and your property is flooded?
Choose wisely, as you are not only protecting your investment, but also need to work within property regulations. There are laws protecting both owners and tenants, and understanding the ins and outs of them will allow you to avoid costly lawsuits over things like maintenance neglect. Property management requires important legal knowledge to protect not only your tenants, but your investment, monthly cash flow, and even credit.
Some owners hesitate to hire a property management company because they view the service fee as cutting in to their original monthly cash flow. In reality, using an experienced property management firm is a way of insuring your investment. Not only are they skilled in screening for reliable tenants, but they can in many cases help you with pricing to get the most out of your rental.
Aside from the financial benefits, a property management company will handle those midnight phone calls. Enjoy your vacations and rest easy as someone handles all of the headaches for you.