A property management company has
many advantages, you should consider hiring a property management company if:
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. Then a management company may be a good way to spend
You're not interested in hands on management. 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 help
to manage your property.
Your time is limited. You may not
have much time to devote to your business, if you prefer to spend your time
growing your business; including searching for new properties and arranging
financing for renovations.
You can afford the cost. Hiring a
property management company is an option if you can afford the fees.
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. 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.
You have lots of properties. The more rental
properties you own the more you're likely to benefit from a management company.
Most fees are tax deductable.