Should I hire a property management company?
Some landlords manage properties on their own or with the help of an employee, such as a resident manager. But sometimes landlords need more help or are not interested in nor have the time to deal with the day-to-day issues that arise when leasing real property. That is when a property management company is needed and can be of service.
Property management companies can be a huge asset to your business and even save you money in the long run.
What Does a Property Management Company Do?
At the Ziegel Group our property management company deals directly with prospects and tenants, saving you time and worry over locating, screening, and interviewing prospective tenants, marketing and leasing your rentals, collecting rent, handling maintenance and repair issues at our discounted rates, responding to tenant complaints, and when necessary, even pursuing evictions. Plus, a good management company brings its know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands. Finally, the Ziegel Group is an independent contractor, so you avoid the hassles of being an employer.
When Should You Hire a Property Management Company?
Hiring a property management company has its disadvantages and advantages.
Consider the following factors to determine if hiring the Ziegel Group as your property management company would be a good decision for your investment or business.
You should consider hiring a property management company if:
You have little experience in maintaining a house for others. We know to cost of repair and maintenance and use our own in-house staff or contractors at a discounted rate.
You have lots of properties or rental units. The more rental properties you own and the more units they contain, the more you’re likely not to have the time to deal with the day-to-day management of dealing with tenants and thus the more likely you are to benefit from a management company.
You don’t live near your rental property. If your rental property is located far from where you live, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You’re not interested in hands-on management. Many landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. But if you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring the Ziegel Group to manage your property.
Your time is limited. Even if you enjoy hands-on management, you may not have much time to devote to your business, especially if isn’t not your day job. And if you prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure, then a management company may be a good way to spend your money.
You don’t want to be an employer. If you hire a resident manager or other employees to help with your property, you become an employer. You’ll have to handle payroll and deal with a host of other legal requirements and considerations. But, because a property management company isn’t your employee (it’s an independent contractor), and neither are the people who work for the company, by using one you avoid the hassles of being an employer.
Your property is part of an affordable housing program. If you participate in an affordable housing program, things can get complicated. Usually, in these programs the landlord receives financial assistance, which may be in the form of a grant, low-interest loan, or tax credits, in return for agreeing to rent at least part of the property to tenants earning below a certain income level. In order to continue receiving the assistance, the landlord must comply with a complicated set of rules. With so much at stake, it’s often worth hiring a property management company that has expertise and experience with the particular housing program in question.
The Ziegel Group. We are here to serve you and would be pleased to have a consultation with you to determine whether we can serve you as your Property Management Company. Call us today to set up an in person, video, or telephonic appointment.
