What a Property Management Company Does and Who Needs One

Are you fed up with the hassle of dealing with your rental properties? Do you find yourself putting “property management companies near me” in your search engine and wondering if it’s worth it, or trying to understand full- service property management from other types? If you’re confused and are still looking for “property management companies near me,” here’s what you need to know about what property management companies do and who property management firms are for.

What Are They?

Property management services are provided by either a company or an individual and specifics depend on what type of service the property owner needs. A full service property management company will be the first point of contact for tenants; will vet potential tenants; will arrange maintenance contracts; will take care of the accounting, insurance, and attorney issues as needed; will deal with marketing and advertising as well as showing the property; will take care of maintenance; will deal with all tenant issues; and will manage general accounting and banking. Some even offer 24-hour availability for tenant emergencies, while others provide services is only as requested needed by the property owner

Who Are They For?

There are certain property owners who will particularly benefit from the services the management company can provide.

  • Property management companies near me: I have lots of units to manage. The more units that you own and the more properties you oversee, the more likely it is a property manager is for you. After a while, it can become too much for an individual to take care of too many properties.
    • Property management companies near me: I’m not into hands-on. If your property is primarily an investment and you want nothing to do with the day-to-day management, then you will find it challenging rather than rewarding to manage tenancy and keep the property safe and attractive. In this case, a property management company is probably for you.
      • Property management companies near me: I don’t live near my rental units. If you live far from your rental properties, hiring a property manager can be a smart move. The last thing you want to do is to have to drive out to your rental property at the end of a long day only to find out that the “emergency” wasn’t really anything at all.
        • Property management companies near me: I have no time. Even if you like taking care of the property by yourself, you may find that eventually you don’t have enough time to do it. If this happens and you want to spend your time doing other things, like searching for new properties or concentrating on a job or family, then a management company for your existing rental properties might be a wise investment.
          • Property management companies near me: I’m an employer now? Yes! If you hire a resident manager or have anyone doing anything full time to maintain or service your property, you’ve become an employer. Now you have to take care of payroll and worry about all the legal requirements that go into being an employer. A property management company, on the other hand, is not an employee but an independent contractor. The people who work for the management company work for them, not for you, so you can avoid all the hassles of employment.
            • Property management companies near me: I’m expanding my holdings. If you want to concentrate on acquiring new properties and preparing them for rental, you may need to take the monkey off your back when it comes to dealing with your existing properties. This is a time when a lease management company can come in very handy.
            • The property management industry grew by 4.4% between 2012 at 2017, and there’s a reason for that growth. Property realty companies provide a valuable service for landlords you do not have the time, the interest, or the availability to manage their properties directly. If you have a rental property and find a job of managing it is becoming overwhelming, look for help from a property manager today.