Anyone who has been been a landlord for a while knows the joys and sorrows of managing a rental property. They are also familiar with some of the arguments for and against hiring a property management company. If you are a landlord who is considering this move, here are four of the many benefits the right company can provide for you.
1. Property management companies get more of the right kinds of tenants into your properties.
An experienced property management company has reviewed hundreds or even thousands of applications. They know how to fill in the blanks and determine who to place in one of your rentals. Their processes help in avoiding many of the problems that come with leasing to a bad tenant.
2. Property management companies are always accessible to your tenant.
This is especially true the further away you live from your properties, but can be valid when you live in the same city. You will not always have to time to drop what you are doing and tend to an issue whenever one of your tenants calls to report it. Property management companies, on the other hand, are available to listen and address whatever the concern may be much more quickly.
3. Property management companies make sure the rent gets paid on time.
Property management companies usually deduct their fees when they collect rent every month, so they have a strong motivation to make sure tenants consistently pay on time. When they aren't receiving payments, they know what they can and cannot do to remedy the situation.
4. Property management companies can increase the value of your investments.
Whether they are implementing preventative maintenance plans, taking care of repairs, or giving you feedback and suggestions on upgrades and modifications you are considering, property management companies are helping you build equity in your investment property. Thoughtful upgrades increase overall property value, and tenants are usually willing to pay a little more in rent when the property is well-maintained.
RH Blanchard is a trusted contracting and property management company with over a decade of experience in the greater Boston area. Still have questions about hiring a property management company in Massachusetts?