When Should Landlords Hire a Property Management Company?

When Should Landlords Hire a Property Management Company?

The most significant decision to make as a landlord is knowing when you should hire a property management company. If hiring a property manager is something you are interested in, ask yourself these questions.   

Do You Have a Large Number of Properties?  

The more rental properties a landlord has the more responsibilities will tag along. Besides, large amounts of properties result in having large quantities of tenants. A property management company can manage maintenance issues, complaints, and vacancies.  

Are You Overwhelmed with Tasks?

Do you often find yourself stressed with property management tasks? If this applies to you and your business is growing, you should consider hiring a property management company.       

Are You Willing to Give Up Control?

As a landlord, you have to collect rent, file taxes, manage the properties, and more. If you are willing to give up all control, hiring a property manager will suit all your needs and desires.  

Do You Live Far from Your Properties?

The further the distance, the more difficult it is to manage your properties. As a landlord, your main priority is to assist with your tenant’s needs. If your primary residence is more than 60 miles away, you are at a disadvantage.

For instance, if there were an emergency or maintenance issue, you would be restricted from responding quickly.  

Can you Afford a Property Manager?

If you are considering a property manager, it is essential to understand the costs. Management companies will typically charge a fee, on average, between 5% and 10% of the monthly gross income for the property.  

Do You Have a High Vacancy Rate?  

Finding the right tenants is one thing. Although, keeping tenant’s long term is another. If this applies to you, hiring a property management company is essential to your business. Good property managers are experts when it comes to finding and screening through tenants.  

Qualified property managers have an understanding of landlord-tenant laws and can decrease your percentage of vacancy rates.  

If these questions apply to you, pick up the phone and call McDougal Companies. Our number is 806-797-3162.