Owning rental property has many advantages. It diversifies your portfolio, increases your property’s value, and it becomes a source of passive income. But the tasks of marketing and managing the property can be a challenge, especially if you don’t have the time or experience. That’s where a property management company comes in.
What is a property management company?
A property management company is a third party or an independent contractor that takes care of a rental property’s daily operations. While the scope of their work depends on the type of property, payment, and contract terms, most property management companies assume the responsibilities of managing tenants, dealing with rent, and maintaining the property.
When should you hire a property management company
- It’s your first time to own a rental property
For first-time rental property owners, hiring a property manager may be the best decision for you, especially if you do not know much about it. Owning a rental property does not just involve leasing it out to tenants and receiving your rent payments. There are other important aspects of property management such as marketing, screening tenants, and legal liabilities.
- You don’t have time to manage your rental property
It’s difficult to attend to your rental property when you have a full-time job. Since managing a rental property can eat into one’s time, you might end up cutting corners or not being able to properly maintain the place.
When you put your home in the care of a property management company, you will have a team of experts seeing to your property’s upkeep. This leaves you with more free time to focus on other priorities, look for other new investments, and have more time for yourself.
- Your rental property is far from your primary residence
If your primary residence is quite far from your rental property, hiring a property management company may just be the better option. Living far away from your rental property will be quite a challenge if an issue or problems were to arise and you cannot immediately head to the property to fix it. With a property management company, you no longer need to make frequent trips to your property. This saves you plenty of money, gas, and time.
- Your rental property has a high vacancy rate
Property managers are highly experienced when it comes to looking for tenants. To shorten the vacancy periods, they would start marketing the home even before the lease has ended and advertise it on various websites, social media channels, and through traditional marketing tools.
- You own a considerable amount of units
Managing more than one rental property takes up a great deal of your time and effort. Hiring a property management company could come in handy, especially if you own properties with more than one unit. With a property management company, you have the assurance that each property and unit will be well taken care of.
- You don’t want to deal with tenants
Tenants can be a challenge to handle, especially those who don’t pay their rent on time or who need to be evicted. Rental property owners who are not too keen on handling tenants can take advantage of a property management company’s services. They are adept at and experienced in finding, screening, and handling tenants.
Tips for hiring a property management company
- Do your research.
Proper research is essential before hiring a property management company to work with. Are they a reputable company? What are their qualifications? What property management services do they offer?
- Interview them well.
During the interview process, ask your potential property manager questions that will determine if they can get the job done. How many properties or units are they currently managing? How do they screen applicants? How do they handle late rental payments?
- Observe the property manager’s verbal and non-verbal cues.
During your interview, look at their communication skills and body language. You don’t want to be working with someone who brushes off your complaints or looks away when you have questions or issues.
At Leading Vegas Realty, we work hard to provide excellent and efficient property management services to all our landlord and tenant clients. Our expert knowledge and years of experience made us one of the leading real estate companies in the field of residential property management in Las Vegas.
Work with Leading Vegas Realty, one of the best property management companies in Las Vegas, Nevada. Feel free to give us a call at 1-702-545-6050 or email Emily(at)LeadingVegas(dotted)com.