One of the biggest decisions you’ll make as a landlord is whether you should hire an Arizona property management company. Many landlords or property owners manage properties on their own. But sometimes landlords need more help, and that’s when a property management company makes sense.
Property management companies can be a huge asset and value to you. Carefully review discussed items below to determine if hiring an Arizona property management company is the right move for you.
What Does a Property Management Company Do?
Property Management companies deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. Plus, a good management company brings its know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands.
When Should You Hire a Property Management Company?
Although hiring a property management company has many advantages, using one can be expensive and a hit to your bottom line. Consider some of the following factors to determine if hiring a property management company would be a good decision for you.
- Multiple properties or rental units. The greater the number, the more benefit and value you achieve.
- Physical Distance between you and your rental property. An Arizona property management company can be invaluable in dealing with the many issues that you will not be able to handle from at a distance.
- The Day to Day hands-on management is too much hassle. If you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.
- Time is Valuable. You Prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure.
- Cost. Management fees can range from 5% to 10% of what you collect in rent revenue. Some companies have flat rates for marketing, leasing, and management that can make things simpler and easier.
The best way to find a good property management company.
If you decide to hire a property management company, use caution and do extensive research to find the right fit.
Get recommendations from colleagues and your local apartment association.
Search professional directories on the Internet. Visit the website of the Institute of Real Estate Management (IREM) at www.irem.org and click “Find a Member.” Or visit the National Association of Residential Property Managers’ (NARPM) website at www.narpm.org and click “Search Property Managers”. Interview companies to get all your questions answered before handing over the reins.