What do property management companies do?
Deciding to use a property management company is something that homeowners need to contemplate when they convert their home into an investment rental property.
After finishing reading this article you will be able to answer the following questions
- What do property management companies do?
- Do I need a property management company?
- When should I hire a property manager?
Property Management companies help with all the details that arise when having a property for business. This means, they have updates on new laws, they help to determine how much money you should advertise your property for, how long a lease should be, as well as dealing with the difficult part of screening tenants, and solving maintenance issues, hopefully, all while keeping you satisfied with your monthly profit.
There are owners who start their business themselves but when they receive 10-12 applications they realize that they do not have any experience on how to screen them. This can take a lot of time and effort as well as introduce a ton of stress because they want the right people living at their house.
Dealing with emergencies can be very frustrating because you need the right vendor to go out and solve them, this is another thing that will be very time-consuming for one person.
Having Property Management might not be cheap, that is true. It is, however, certainly better to share 8% to 10% from a “safe” business than not generating any profit at all.
So, When should you consider hiring a property management company?
- When you have a lot of properties or rental units
Rapid response is the key to this business and when you have a full team that is available to solve every tenant request, success is guaranteed.
- When overseas
Having specialized people in the area will provide you with better results by renting your property faster, finding you great vendors with a sense of urgency, and helping you to collect rent.
- Your time is limited
Managing a property can be hard, but managing 10 properties is a real challenge. If you do not have the time to learn new rules, get new leases signed, send violations, deal with HOAs, etc, then having a property manager is the best thing since they are responsible for all the things listed above saving you a huge amount of time.
- When you have too many maintenance requests
Partnering up with a property management company guarantees you certified vendors who have proved they are effective and timely.
- You want to be an investor and enjoy your time
When managing properties you have to be available at all times, this means holidays, special events, or dates. If you are not willing to give up on this, then you must have a property manager by your side.
We are a property management company based in Oregon. We specialize in homes, condominiums, townhomes, and small multi-family homes on the west side of the Portland Metro area including Hillsboro, Beaverton Cornelius, Tigard, Tualatin and others Since operating in Hillsboro for more than 2 decades; we are very familiar with the various neighborhoods.
Give yourself a break, it is time to work with a great team!
-Holland Properties-
503-533-2121 ─ ext. 51 main@hollandprop.com sales@hollandprop.com
