Property management firms can provide an invaluable service to a landlord, including marketing the property, collecting rent, handling maintenance issues, enforcing the lease, etc., but how does one determine whether or not it makes sense to use property management services?
- Can’t sell your home?
- Are you an accidental landlord?
- Do you love the idea of owning an investment or non-owner occupied property, but don’t want to be a landlord?
- Do you own at least one and up to 200 properties and don’t have the time to manage them?
- Are you looking for better ways to make your money work for you?
- Do you have tenants in place, but are having issues with them?
- Do you need advice on next steps in real estate investing?
- Do you have limited knowledge on the legalities surrounding renting your property?
- Do you need help screening tenants or doing maintenance?
If you answered yes to any of the above questions, then it may be time to look further into the services of a property management firm. After all, for most, a rental property is a significant investment. With its expertise, a property management firm can assist you in maximizing the return on your investment. A typical property management firm will “do the heavy lifting,” allowing you to focus on your most important day-to-day activities.
Still not convinced property management firms add value? Consider just a few of the following value-added services a full-service property management firm provides to determine if one is right for you:
- Market your property
- Screen tenants
- Coordinate rehab of the property
- Lease Only Services
- Handle maintenance / repairs / emergencies
- Lease enforcement
- Rent collections
Many management companies will also help with a la carte services. From lease only services, including screening tenants to full management services, property management firms can assist you in whatever capacity is needed. Furthermore, there are a lot of legal issues and regulations surrounding the process, such as adhering to the Oklahoma Residential Landlord and Tenant Act and following Fair Housing laws. A property management firm can help keep you in compliance with the law.
In a nutshell, it’s likely a matter of time and money. Can you devote the time necessary to maximize your investment? Only you can decide.