3 Ways A Property Management Team Can Help You Save Money
If you're a landlord who's feeling a bit overwhelmed by all the responsibilities this position entails, it may be time to consider hiring a property management team. Oftentimes, landlords are initially hesitant to hire property managers because they assume this service will cost them too much money. And while it's true that property management services will cost you (typically around 7%-10% of your monthly rental rate), the reality is that these professionals can also save you a lot of money in different ways.
Cut Down on Maintenance and Upkeep Costs
If you're currently contracting out your property's landscaping and maintenance, there's a good chance you're spending more on these services than you need to. This is especially true if you're hiring independent contractors for each repair that comes up rather than working long-term with a maintenance provider. A property management team can cut down on costs here by using their own in-house maintenance and landscaping professionals, which they can typically offer at a substantial discount to you.
Find and Secure Higher-Quality Tenants
One of the best ways that a property management team can save you money is by bringing in great tenants who continually pay their rent on time and renew their leases. This, in turn, leads to fewer vacancies for you and more consistent profits. When vacancies do arise within your property, these professionals will be quick to market your available unit, screen lease applications, and find new paying tenants as soon as possible.
Enjoy Reliable Rent Collection
If you've ever had trouble getting any of your tenants to pay rent in a timely manner, then you'll be happy to know that property management companies can make this problem a thing of the past. Not only do many property management companies have the ability to collect rent online (which is more convenient for your tenants), but they know all the ins and outs of eviction law and how to work with tenants to make sure you get the money you're owed. Many landlords find that having a property management company takes a lot of the stress out of collecting and handling rental payments.
These are just a few examples of the many ways you could benefit financially from hiring a property management team, on top of the time and hassle these pros can save you. With all this in mind, that small cost to work with an excellent property management company doesn't seem so bad, does it?