Property Managers and property management companies can be helpful for all landlords. Even the most experienced landlords benefit from hiring a property manager. Montgomery County, PA property management companies handle all aspects of day-to-day operations while you relax and collect rent. Do you need to hire a property manager? Not necessarily, but the benefits are clear!
What Does a Property Management Company do?
A property manager or property management company helps with all aspects of the leasing process, management process, and more. Some tasks that property management companies assist with include:
- Finances and budgeting: A property management company assists with all things finance such as budgeting, financial planning, taxes, and bookkeeping.
- Leasing: Having a well-drafted lease protects you, and the tenants. Without it, tenants can get away with damage, or you could be charged with illegal evictions. A property management company provides you with a legally binding lease, but also prospect pre-screening reports, and help with legal issues if a tenant breaks a contract.
- Rent collection and eviction: A property management company can collect, deposit, and keep track of rent via a leasing software, by mail, or in person. If the tenant does not pay rent or late fees, a property management company will be there to evict them and handle the case in court. They can also help avoid potential evictions by being in frequent contact with tenants to clarify lease obligations.
- Property maintenance and inspections: Keeping your properties well-maintained and up to date with inspections is not easy. Having a company handle your rental property inspections is a great way to ensure the property stays maintained and repairs are made. Additionally, they track pre-existing damage and what damage is due to the tenant (beyond wear and tear). Property managers gather estimates for work and take the needed funds from the deposit. These tasks could go wrong if you do not have enough property management experience!
Why and When to Hire a Property Management Company?
There are many reasons to hire a property management company. Below you will find some of the most common reasons that landlords reach out for assistance from property managers/property management companies.
- Multiple units: Managing your Montgomery PA property may be relatively easy when it is a single unit. However, when you start owning and renting numerous properties, keeping up can be a challenge. Many landlords begin working with a property management company as they take on more than one property. However, even just one can be challenging, so it never hurts to see how a property manager can help!
- Little experience: Less experienced landlords who are overwhelmed can benefit from property management services. Even the most seasoned landlords may not possess all of the broad range of skills required to maintain a property well.
- Vacancy issues: Do you have units sitting too long? Do you have multiple vacancies? This is a landlord’s nightmare and can cause financial harm. Property management companies have the experience to rent units quickly and make upgrades to get them in rentable condition fast.
- Trouble tenants: If you are dealing with trouble tenants such as lawbreakers, late or non-payers, or those that cause damage to your unit, now is an excellent time to reach out to a property manager. Trouble tenants are stressful for anyone to deal with, one wrong step and the landlord could cause more harm than good. Sometimes, tenants will need eviction, court filings, or charged additional fees. These are multi-step legal processes that must be meticulously documented.
- Live away from the property: Being a landlord from far away is a challenge. You need someone (or a team) close by to manage and inspect the property. If you are a distant landlord, consider a property management company.
- If you can afford it, why not?: A property management company can be both valuable and economical if you budget for it. Hiring them can pay for itself by generally increasing rental income and on-time payments. Typically, property management companies charge around 10% of the rental income; however, this may be negotiable.
About Bay Property Management Group
Bay Property Management Group Montgomery County, PA can handle all items discussed in this article and more. We have a less than 1% eviction rate and a trusted reputation in the industry. Whether you are renting one Montgomery PA property or several, contact us today and find out how we can assist with every aspect of your property management needs.