Income property is a great way to sustain a steady money flow and provide you with a supplemental income. However, being a landlord is not as easy as it seems and is sure enough not for everyone.
When it comes to choosing whether or not to pass control over to a property manager (Bay Management Group is here at your service) there are three important factors to consider:
3 Reasons Why You Should Hire a Property Management Group
1. Save Time
Spend your time wisely. If you have another job besides being a landlord, calculate how much time every day you’ll have left to manage your property, specifically:
- To be physically present at the property whenever needed, for example, to inspect it, do repairs, show it to the renter, handle a problem, etc. And the more properties you have and the more spread out they are – the more time it’ll take you.
- To do the research: evaluate average asking price in your area, find contractors to perform necessary repairs or updates, check background and references of potential renters, create multiple online listings for your property, etc.
- To answer the phone when it rings: take care of the problem, make an appointment with the tenant, answer the questions about the property.
Not doing all these things on time leads to loosing profits while your property is sitting there without a tenant. And a property management company understands it like no one else, because it directly benefits from getting your property rented out or leased as soon as possible. They will be handling all those time-consuming issues on your behalf full-time, so that you can spend these hours with your family, doing your main job, or plain relaxing.
2. Specialized Skills
Ask yourself this question: Do I have a skill set needed to successfully manage my property?
The skills to keep in mind include:
- Fluent talker and a good salesman: know how to highlight the best features of your property and convince potential renters
- Resourcefulness: be able to find a quick (at least temporary) solution to any problem
- People skills: handling issues and inquiries professionally and being nice to customers
- Marketing knowledge: understand how to market your property online and offline to reach the desired customer
- Knowledge of property laws and regulations
- Adequate character judgment
- Understanding of the real estate market
- Basic accounting and record keeping skills
Do you have all or any of these skills? Or, going back to point one, do you have time to acquire them? If your answer is “No” then a property management company would probably be a good solution for you.
So you might have the time and the skills, but do you really want to get into property management? Are you willing to be on call 24/7? Are you comfortable asking, requesting, or sometimes demanding rent from your tenants?
With a property management company, like your local Baltimore property management company here, you don’t have to worry about any of this. We take care of all the aspects and provide you with reports about the state of your property so that you can devote that precious time to something more important.