Is it time to hire a property management company?

Is it time to hire a property management company?

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Being a landlord can be very stressful and it requires a lot of time and energy from an owner. Many owners ask: “when is the right time to hire a property management company to manage my investment?” The answer to this question will vary from owner to owner, but below are some of the signs that it is time to hire a property manager:

How to Know When to Hire a Property Management Company

  • You are being bombarded with maintenance requests – Receiving maintenance requests are unavoidable. Things are going to break with your investment property and they will need to be fixed. If these maintenance requests are coming in faster than you can get them resolved, it may be time to consider hiring a property management company. A good property manager will have a list of qualified vendors that can usually solve any issue in a timely manner.
  • You move to a different location than your investment property – As stated earlier, in order to manage your investment property, you have to be able to be in close proximity to your property. Any time there is a showing, you need to collect rent, or there is a maintenance issue, you need to be able to get to the property quickly. If you move to a different city or state, it may be time to hire a property management company.
  • You cannot handle all of the showings – One of the most important aspects of renting your property is finding a qualified tenant to place in your investment. Without doing so, you cannot make any money on your investment. For this reason, you have to be available to show your property to prospective tenants. If you cannot find the time to do this, it may be time to consider hiring a property management company.
  • You do not know what to do once your tenant stops paying rent – No one wants to rent their property to a tenant that does not pay rent on time or does not take care of your investment. In the unfortunate event that your tenant stops paying rent, do you know the procedure for eviction? If you answered “no”, then it may be time to consider hiring a property management company. A good property management company will be well versed and should have a procedure in place in the event a tenant needs to be evicted.

If you do not think that you are able to continue managing your investment, please consider hiring FRE Property Management. We are the premier property management company in Utah and will provide you with the peace of mind knowing that your investment will be taken care of. Contact us today at 801-673-5692.

Why Should I Hire a Property Management Company?

Why Should I Hire a Property Management Company?

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One of the first questions you may ask yourself once you have purchased an investment property is “Should I hire a property manager or manage the property myself?”.

While many owners may feel that the monthly management fee is just a waste of money, the truth is a great property management company can be worth their weight in gold and save the owner a substantial amount of money in the long run.

Once an owner has invested in a rental property, the responsibilities associated with managing the property can become quickly become overwhelming. Furthermore, the owner may realize that he/she just does not have the time to handle all of the issues that arise when managing a rental property.

So what can an owner expect to receive for the management fee that they pay each month? Below are some of the benefits you can expect to receive by working with a property manager:

  • The number one advantage to using a Utah property management company is the time the owner will be saving. There is a lot of work that goes into finding a tenant for a property and getting it rented out, including marketing the home, showing prospective tenants through the home, running a qualified background and credit check, following up with past references for the applicant, and signing the lease agreements. After the tenant has moved in, there is a substantial amount of work required, including: collecting rent each month, handling all maintenance issues associated with the property, and performing periodic inspections.
  • Property Management companies are also very valuable resources with regards to knowledge of the industry. A good property management company will be well versed in local, state, and federal regulations. By keeping the property in compliance with these rules and regulations, a property manager will help protect the owner from any lawsuits. In addition, a great property management company will have an expertise on rental rates within that market. If an owner has not completed the proper research, he/she may cost themselves thousands of dollars in potential rental income.

You may think that you do not need to hire a property management company and that this will not require a lot of effort, but I implore you to ask yourself these questions:

 

  1. Do I have the time the required to manage this property and dedicate the effort that this will require?
  2. Do I have an understanding of all of the rules and regulations that are associated with managing my rental?
  3. Do I know the maximum rental rates for my property?

 

If you answered “no” to any of these questions, you may consider employing a property manager. Download our free owner information packet to find out how we can help.