Managing one property is one thing, managing multiple units or properties is another. That’s where a property management company like Propman Property Management comes in. Unless you’re in the business of being a full-time landlord, there are many benefits to hiring this job out.
Reasons to Use a Property Management Company
You don’t want to handle hands-on management. Finding and vetting tenants for multiple properties, handling the billing, and responding to issues are tasks best left to those with the experience, manpower, and resources to do the job well.
Your time is limited. You are spending your time in your own business and shouldn’t be using the time you could be building your career or business handling rental issues including repairs and their financing, remodeling, interviewing tenants, showing the property, etc.
You don’t want to be an employer. For multiple property management you may need to hire a resident manager, maintenance staff, or other employees to help, and along with this comes payroll and other legal requirements. Your property management company is an independent contractor, not an employee.
- You don’t have the maintenance resources. Most property owners don’t have the resources to handle maintenance or emergency issues around the clock, nor do they wish to receive and have to handle emergency calls in the middle of the night. A property management company has complete resources to handle any issue that arises—24/7.
- Your properties are complicated. Are your properties part of the affordable housing program or do they present particular challenges? It’s best to use a company versed in the legalities and nuances of managing certain properties.
- Your rental properties are not nearby. If your properties are in another state, located a distance from where you live, or scattered in different areas, a property management company is best used to handle issued you cannot deal with from afar.
- You have the money. You can afford the management fees that are generally a percentage of the rental income.
At Propman Property Management we’ve developed a system that works for owners of multiple properties. Some of the benefits we offer include:
- Keeping expenses, security deposits and leases separate.
- Providing detailed monthly revenue and expense reports
- Providing an annual report and a co-mingled 1099 review report, with copies for the IRS and the Landlord.
Unless you want to be in the business of being a landlord, it makes sense to look at using a property management company. If you have questions about property management companies, please give us a call. We’ll be glad to help.
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