Not everyone who owns properties has the capacity to manage everything themselves. Landlords who have multiple properties may find it challenging to juggle responsibilities that come with managing properties and tenants. If you happen to be a landlord and find the work involved overwhelming, you may want to look into hiring a property management firm to take some load off your shoulders.
What is a property management company?
If you’re not too familiar with property management companies, they’re essentially a team of experts who are adept at dealing directly with prospects and tenants, saving you time and worry over things like marketing your rentals, collecting and managing rent, handling maintenance and repair issues, responding to tenant complaints, and in some cases, pursuing evictions. Hiring a good property management firm gives you the peace of mind that comes with knowing that your properties are in good hands. They’re also considered an independent contractor, so you also avoid the hassles of being an employer.
Advantages of using a property management company
You get higher-quality tenants
Tenant screening is often complicated, and if you don’t have much experience vetting potential renters, you might end up choosing a bad tenant. The main problem with bad tenants is that it can prove to be difficult to make them leave your property. You can avoid this problem by hiring a reputable management company that has a reliable and verified screening process that assists them in choosing tenants who will rent long-term, pay rent on time, minimize the wear and tear of the property, and cause little to no problems. Property management firms have extensive experience screening thousands of tenant applications, making them identify potential tenants quicker and spot red flags.
Decrease tenant turnovers
Sometimes, tenants leave properties because they don’t like how they are being managed. Good property management companies are very much capable of keeping their tenants happy. They make themselves responsive and available, and they’re proactive when it comes to handling problems when they arise. Happy renters are less likely to look for a different place to live and are even more pliant with rent increases.
Swerve potential legal issues
You’ll encounter fewer legal problems—or maybe none at all—when you choose to hire property managers. They typically have a thorough understanding of landlord-tenant laws and fair housing laws, which, in turn, can help you avoid potential lawsuits, saving you time, money, and energy in the long run. They’re also usually the ones responsible for any lawyer fees associated with evictions or property damage issues. If you find that you’re not knowledgeable or comfortable dealing with issues like evictions, signing and terminating leases, and handling rent and security deposits, you can delegate these responsibilities to a property management company.
Aside from the obvious task delegation and legal concerns, perhaps the best benefit you can get from hiring property management specialists is that you have less stress, more freedom, and more free time. You no longer have to deal with late-night emergencies, evictions, damages, and paperwork on your own. You can travel or even live anywhere you want without worrying too much about your tenants. You’ll also have more free time growing your business and spending time with your loved ones.
If you’re a landlord, hiring a property management company may be the best thing you can do for your business. If you think you’re based in Indianapolis and feel that you are ready to collaborate with one, contact us to see how we can help you.