Property Management encompasses all aspects of taking care of a property. Some examples would be maintenance, rent collection, budgeting, renovations, and finding renters for properties.
Property Management is usually done by a specialized company, but sometimes a property owner decides that they want to manage their own properties. Every type of real estate property needs management, either from an outside company or by the owner.
Our articles below can help you discern for yourself if you need a company to manage your units for you!
Do I need a Property Management Company?
Whether or not an owner decides to utilize a management company depends on several factors.
- Skill Level: A brand new rental property owner can have no idea where to begin managing properties. It is nice to have a professional company to offer advice when it is needed.
- Budget: Some rental property owners would prefer to save the cost of hiring a property management company. Many decide to manage their own properties. If you only have a few units it is manageable for one person, even with a full time job.
- Time Available: Some rental owners are fortunate enough to own many units. They might not have the time to manage everything properly. Sometimes a property management company can save time for the owner. This way they can profit more by spending their time elsewhere.
There are many different approaches to Property Management. Some are more effective than others.
Many property owners decide that they want to give the Management Company complete control over their units. This can be fine, but an owner should still keep a vigilant eye on their units. No management company will work harder than you will to ensure you are profitable.