When Should You Hire a Property Management Company?
While there is a lot to gain from engaging a property management firm, but using their services can be financially challenging, and besides the high cost of engaging a property management firm, it is not everyone that need their service. You need to put the following factors into consideration to help you determine if getting a property management firm will be to the benefit of your business.
Think about engaging a Styles Property Management if:
You have many rental units or properties: When you have more rental properties, they will certainly contain more units and you will get more benefit from engaging a property management firm.
If you live far away from your property: if you are not living so close to where your property is located, it will be ideal to engage a property management firm since they will be able to effectively handle all the issues that you can’t handle because of restrictions impose by the long distance. We make it easy whether you are located in Miami, Vero Beach, Tampa, Orlando or any other location in Florida.
You have no interest in everyday management: a lot of landlords always anticipate the challenge of getting good tenants and the as well as the satisfaction derived from being able to maintain their property such that it remains safe and attractive without the help of anybody. But on the other hand, if your consider your ownership of the rental property to be only an investment and have no desire to be part of the everyday management of the property, then getting a property management firm will be quite ideal.
You don’t have the luxury of time: Even though you may extremely enjoy day to day management of the business, but you might not be the luxury of time to dedicate to the business and more so if being a landlord is not your full time job. And if developing your business is something you are passionate about in addition to prospecting for new properties, and making arrangement for money needed for renovations as well as changing the structure of the business, engaging a management firm will be a good decision.
You can pay the fees: It will be a good decision to engage a management firm if you can pay the fees. During your interview with your potential management companies, many of them will charge you between 5% and 10% of your rental revenue. If there is a slump in the property market and you can take care of things on your own or with the assistant of other employees or a resident manager, you should continue managing it in that manner until the market bounce back.
You suddenly have too many management tasks to cope with: If you have a flourishing business, you will discover at some point that you need good help from others to properly manage everything. Under this circumstance, the sensible thing is to engage a management firm.
You have no wish to be an employer: When you engage the services of a resident manager or any other staff to assist you in the management of your property, you automatically become an employer and you will need to take care of salaries and as well deal with many other legal matters. But you only engage a property management firm as independent consultant and not as employees even those working for the firm are also not your employee, you avoid the problems that come with being an employer when you engage a management firm.
Your property is part of an affordable housing scheme: When you take part in an affordable housing scheme, things can easily become problematic. Normally, under these schemes, the landlord is given some financial aids which could come as a grant, tax credit or low-interest loan, and the landlord must in turn assenting to lease out certain parts of the property to people who earns below certain income. And to remain eligible for the assistance, the landlord must meet the terms of some complex rules. Given the importance, it is better to engage a property management firm that has the expertise and well familiar with the housing scheme.
How to get a Good Property Management Firm
If you finally resolve to engage a property management firm, you have to be careful in picking the right one using the guideline below:
• Get references from your friends, colleagues and the association in your local apartment
• Make use of the internet to search for professional directories. Go to the page of the Institute of Real Estate Management (IREM) at www.irem.org click the link “ find a professional” likewise, visit the page of National Association of Residential Property Managers’ (NARPM) at www.narpm.org and click the link “ get property managers”
• Make sure you interview various companies and clear all your doubts before engaging any one.