Whether you are responsible for an apartment complex, a home that is not your permanent residence, a condominium association, or a homeowners association, investing in good property management could be the best decision for your property.
There are also different levels of property management based on your needs. Services range from full management, which can include collecting rent and vetting potential tenants, to just making sure the grass is mowed and the property remains maintained. Understanding what services you need is the first step to investing in a quality property management company.
If you own an apartment complex:
If you own an apartment complex, hiring professional property management is almost a must. Whether or not you want to interview and vet potential renters, hiring a management company to oversee day-to-day maintenance and handle tenant complaints might be well worth the investment. According to Extreme Agent, “A management company is going to be extremely knowledgeable in tenant law and can informally advise you on what actions you should, should not, and can take. If legal action ever becomes necessary, a property management company will have access to the best lawyers who can defend you in court and give you good legal advice.” If you’re not interested in hands-on management, have a lot of units you are responsible for, and can afford the cost, hiring a property management company for your rental complex can be a smart investment.
If you own a home that is not your primary residence:
Professional property management can be extremely helpful if you own one or more private homes that you don’t live in year-round. A professional company has the potential to do a more thorough job in caring for your vacant property than a friend or neighbor that you might not know well. Management companies can set your mind at ease by providing lawn care, regular exterior and interior inspections, and can be invaluable in an emergency situation.
If you are responsible for a condominium or homeowners association:
Associations, especially condominiums, can be extremely complex to care for. There are many state regulations that a professional company will be aware of and stay up to date on. Like apartment complexes, property management companies have access to good, cost-efficient lawyers to help with the legal issues your community might face. Property management companies can handle all or some aspects of caring for a community, such as collecting assessments, hiring and working with contractors, and handling homeowner issues and complaints, something you understandably might not want to do yourself.
Good property managers are definitely worth the investment to save any property owner, no matter what kind of property they own and care for, a lot of time and headache.
