Whether it’s because of the economic downturn or any of the many other possible influencing factors, the number of renters in the U.S. has increased between 2007 and 2010 by about 718,500 households a year. Today, almost 39 million Americans rent apartments, and that incredible spike in rental popularity has led to an increase in the demand for property management firms.
Residential property management companies provide an essential service, allowing property owners to rid themselves of the tedious tasks often left to a landlord and rest assured that their properties are being adequately maintained. While some property owners simply opt to use residential property management software, usually because they’re afraid of residential property management fees, others aren’t in a position to adequately manage their properties without help. Here, we’ll look at the major reasons to consider looking at property management firms.
- Distance: If you live out of state or more than 30 minutes from your property, it can be impossible or, at the very least, very inconvenient to perform all the maintenance duties typically taken on by landlords.
- Less Stress: It’s sad, but it’s true. Property managers spend more than 2/3 of their time enforcing leases and chasing down rent. Some peoples’ personalities aren’t well suited to imposing late fees, making late night phone calls about noise, and dealing with excuses for late rent. For those people, property management firms are essential.
- Handiness: Unless you’re a jack-of-all-trades handyman or handywoman, being a landlord can mean spending plenty of time calling and coordinating maintenance requests. Property management firms, on the other hand, have professionals in lace around the clock who can save you time, money, and plenty of trouble.
- Time: Being a landlord can really drain time and energy that could be better spent on your day job. Hiring property management firms can free you up to focus on your main source of income, leaving the real estate issues to a professional.
- Legality: Property management firms have in-depth knowledge about property laws that can help you make sure you’re compliant with all the regulations imposed on property owners.
The top property management companies are prepared to help you better manage your properties, a service that pays for itself in time and money, in the long run. If you’re making yourself crazy trying to manage your own property, look into hiring a professional. Read more about this topic at this link.