Smart investors know that hiring a rental management company can make a huge difference in their success as landlords. Some owners, however, believe that professional property management services are unnecessary, and it’s easy to manage independently. Owning rental property does not automatically qualify you to know how to manage rental properties. There are a lot of legal issues involved, and you’ll spend a lot of time managing the needs of your tenant and your property. Take a look at these pros and cons of property management.
How Do I Rent my House? The Pros of Property Management
There are many benefits to using a professional manager. For starters, you won’t have to spend the time taking care of the property on your own. You can do what you do best while a professional property manager does what they do best. You’ll get the peace of mind knowing someone trustworthy and experienced is handling your property.
Residential property management companies are also well-connected. They work with dependable vendors and contractors who are licensed and insured. They can also get deep discounts because of the volume of work they provide to those vendors. An independent landlord wouldn’t be able to negotiate similar savings.
A property manager understands local laws and regulations. In California, there are a number of laws regulating the landlord and tenant relationship, and they’re changing all the time. If you don’t know the difference between a pet and a service animal or the procedure for returning a security deposit, you could find yourself in legal trouble.
Do I Rent my House? The Cons of Property Management Services
For some people, it’s more appealing to manage on their own. One disadvantage involved with having a professional care for your property is that you don’t get the joy of waking up at 2:00 in the morning to a phone call from the tenant that a pipe has burst at the property and everything is flooded. You won’t get phone calls on Christmas day that the ovens aren’t working. Self-managing allows you to be more hands-on with your property. You’ll get to spend all your time and energy focused on the investment.