As both a landlord and a tenant, when you begin your journey into renting, two of the big questions you might ask yourself is, What is and Why do I need a property management company?

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Let’s skim the surface of what property management is.  Property Management is the operation, control, maintenance, and oversight of real estate and physical property.  That means the property manager is responsible for collecting rents, handling maintenance request, advertising and renting units, screening applications, and holds a working knowledge of state landlord tenant laws and regulations.

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Okay, but a landlord could do all these things, right?  Yes, they are perfectly capable of managing their own rental properties.  That said, if an owner has a property in a different state, accessibility to both the property, vendor networking, and communication for the tenant can become limited.  Tenant management can be very time consuming.  Real Estate landlord tenant Regulations and Laws can be super confusing.  Owning a rental property could prove to be stressful, time consuming, and overwhelming for property owners.

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Having a property management representing your interest in your investment can switch an owner from active income, to passive income generation.  Property Management steps in with standard operation procedures designed to efficiently and effectively market, advertise, and rent your property to ten ant who have been thoroughly screened.  This can reduce tenant turnover.  Management Companies  Property Management also usually recommends basic preventative maintenance, and provides speedy repairs to the property maintaining property conditions.  Having a network of vendors, you will see more prompt attention to repairs, as well as continued accountability for State Regulations and Law regarding property conditions and upkeep.  This can uphold a rental properties ability to stay current with the up to date market values, and in some cases increasing values all while giving the homeowner more free time and freedom from the daily operations of their properties.

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On the flip side, let’s also talk about why Tenants should utilize property management companies versus private landlords.

Assurance, is the first thing that should come to mind about a property management company versus private landlords.  A business has requirements, regulations, and professional standards that have to be maintained in order for them to conduct business. There is a large amount of professional accountability that a property management company must adhere to. Can private landlords be just as or more professional than a management company? Absolutely, but there is a higher risk taken by the tenant because the level of standards are not enforced for private owners.

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Property Management Companies are more readily accessible for tenants.  They hold specific office hours, and have multiple avenues for communication or rental payments.  Most companies have online platforms that make the communication and exchanges between tenants and management more efficient through catering to the mobile fast paced lifestyle many people lead. Being able to click a few buttons on your cell phone to pay your rent or put in a service request has clear advantages.

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Property Management is a business.  When working with a property manager, you will be more likely to source a business based compromise to most situations because the managers are not emotionally invested in the property, they are strictly business oriented.  Of course, that does mean there may be less leeway for tenants regarding regulations or rental payments, but it is a minor annoyance to have more security, stability, and peace of mind. 

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Digesting all that information gives you a lot of food for thought.  Any way you want to slice the pie, Property Management Company give you less stress, more security, stability, and freedom.  If you have been thinking about contacting a property manager, don’t wait, start your journey today.