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When you own rental homes or apartments, you have a choice to make.
When you own rental homes or apartments, you have a choice to make. Do you self-manage these rentals yourself or do you hire a property management company to manage these rentals for you?
Hiring a property manager costs money (usually 6 to 10% of the collected rent). You need to decide how involved you want to be in managing your rentals and how much value a property manager can bring to the table before deciding which way to go.
In some cases, self-managing your rentals is a really good idea. However, managing rental properties is a time-consuming activity. Finding and screening tenants, dealing with tenants and repair/maintenance requests, and many other issues can be very time-consuming, especially if you have several rental properties.
If a property owner wants help taking care of the daily responsibilities at their rental property, he or she can hire a property manager. A property manager can be completely responsible for the operations at the rental property or can be hired for some tasks. Below are the important roles a property manager can take on for you:
- Manage the rent which includes setting rent, collecting rent, adjusting rent over time, and working with tenants that pay late/do not pay to optimize cash flow.
- Manage tenants which includes finding/screening/retaining tenants, handling leases, managing daily complaints/emergencies/maintenance issues, and handling tenant move outs and evictions.
- Maintenance and repair roles to keep the property in a safe and habitable condition to attract new tenants and keep satisfied tenants.
- Manage the budget and provide you reports to optimize your investment rental property.
- Maintain knowledge of landlord-tenant laws and comply with these laws.
- Pay property taxes, utilities, mortgage, and other expenses from available funds.
- Leverage access to the company’s exclusive master policy insurance program if the property owner wants to participate in the program.
- Take advantage of the company’s vendor buying power.
In some cases, self-managing rental properties can be a smart idea. However, below are some questions to ask yourself before you decide to self-manage a rental property or hire a property manager to handle the ongoing operations:
Is owning rental properties an investment activity for you or is it a job? Managing rental properties is a time-consuming business activity, especially when it comes to handling tenant complaints/issues and making necessary repairs.
Do you want to maximize profitability? The major downside to hiring a property manager is the cost for their services but they can help you optimize your investment over the long run. Property managers have marketing know-how, rental market knowledge, and they can help you effectively deal with late paying, non-paying, and troublemaking tenants.
Do you need to be in control? Property managers know what they’re doing and don’t need your input with day-to-day issues. If you want total control of your property when it comes to choosing tenants, performing maintenance tasks, and more, you might be a good candidate for self-management.
Do you really want to deal with tenants? Screening tenants can be a hassle, especially if you do it right (credit and criminal background checks, calling landlord references, etc.). Plus, there’s a good chance you’ll eventually have to deal with an unreasonable tenant, late rent, or an eviction. If you feel like you’re well equipped to deal with these things, great. If not, a property manager can be worth every penny.
Young America can partner with you to manage your rental properties. Below are some of the advantages of using Young America to manage your rental properties:
Young America has developed a strong team of experienced property managers, leasing agents, maintenance technicians, and marketing professionals to work closely with you to obtain top rental income and the best possible renters for your units/homes.
Young America’s primary objective is to achieve maximum property value and income for our property owners as well as provide excellent service to residents of our rental properties. We work hard to steward your assets and provide the residents an excellent housing experience.
Young America ranks 4.4 out of 5.0 stars with respect to Google reviews compared to much lower stars for many of our competitors in Bloomington-Normal.
Young America’s property management company is the leading provider of student and residential housing in Bloomington-Normal. Our residential division offers far more personalized services than our competitors (24/7 maintenance team; highly qualified leasing team; refreshed Young America website; ongoing placements in digital, print, outdoor, and social media; easy-to-use portal for residents to submit payments and manage their account; collection services; and detailed reporting for property owners).
For more information about Young America's property management services, click the link below.
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