What is Property Management?
Property management—also known as real estate management—encompasses all aspects of running an income property, from finding and screening tenants to maintaining the property, collecting rent, and handling any issues that arise.
While some professional property managers specialize in certain types of services, most are prepared to take full responsibility for your property—unless you’d prefer to handle certain things yourself. To learn more about the services property management companies offer, read 10 Reasons to Hire a Property Manager.
Why Use a Professional Property Manager?
Professional property management can make owning (and profiting from!) rental properties a hassle-free experience.
For most, the decision to use a professional real estate manager is a simple cost/benefit equation. Not only are they experts at handling properties and tenants, they generally take only a small percentage of the monthly rent in exchange for their services. When you consider what you get in return—a hassle-free, essentially passive income stream—the decision to employ a professional property manager is a no-brainer for the majority of rental property owners.
While the right property manager can greatly benefit any rental property owner, you might especially want to consider hiring one if any of the following things are true:
- You live further than a couple of neighborhoods away from your rental property
- You’re not a home maintenance guru
- You don’t have at least 10-12 hours per month to deal with tasks related to your rental property
- You don’t want to have to make yourself constantly available in case of emergency
- You don’t have a good working knowledge of landlord-tenant law
- You don’t ever want to have to worry about dealing with difficult or non-paying tenants