Are Property Management Companies Worth Your Time?

If you are an investor with a portfolio of rental properties, you must have considered hiring a property management company. A Property management company can simplify the renting process significantly and saves you a lot of time and effort. However, the benefits depend on the competencies of the company, and there is a colossal monetary value associated with such services.

Before you hire the best property management companies in Philadelphia, you need to assess whether it’s worth your time, and is a suitable match for your requirements?

Considering the undermentioned factors can help you make an informed decision about hiring a property management company.

Your management skills and competencies.

Whether you should hire a professional or manage your properties on your own is a decision based on your competencies and skills. If you have the skill set to advertise, manage, and maintain your rental property, then you do not need to hire someone else and pay them a huge chunk of your rental earnings.

If you decide to manage the rental property by yourself, there are a few aspects that require your focus.

•  Expense on the cosmetic improvement of the property for renting it.

•  The time required to acquire tenants.

•  The time required to prepare your home for tenants after each vacancy.

The above-mentioned points have a significant impact on your rental income. Property management companies have been in the business for years, and they are aware of all the methods that reduce your vacancy rate. They also have a team of professionals who can carry out repairs and modifications in the least time possible. A property management company can bring significant improvement to these areas and generate revenue that exceeds their charges.

Value of your time

Managing a rental property is a tedious and time-consuming process, especially when you own more than one real estate property. Preparing a house for renting alone can take up to 30 hrs and managing it can become a full-time occupation. Also, when you are managing your house on your own, you need to be available at all times for your tenants. There can be unexpected repairs and complaints that you need to manage from time to time.

If you are currently working on a full-time job, chances are you don’t have ample time to manage your rental property. Also, you will be spending a lot of time that you could have spent with your friends and family. Hence you need to consider the value of your free time and hire a property management firm accordingly.

The distance of the property from your home

If your rental property is situated at a far-off location, it necessitates traveling for hours to get there, apart from the time required to manage the property. It also means extra money spent on traveling. If you have a couple of properties located at different locations, it is advisable to hire a property management service. It will save you a lot of time and effort, and the professionals are better equipped to manage properties in different areas.

Level of desired control

Most property management companies are experts in what they do and do not like much interference in their work. If you are someone who likes to be in control all the time, including routine matters relating to your property, hiring a professional may not be a suitable alternative.

Property management companies are skilled in handling routine affairs that ensure you won’t be disturbed by unexpected repairs or complaints. However, this necessitates finding a competent and experienced property management company that can manage those issues effectively.

These are some of the essential factors that can help you assess your property management needs and will help you determine whether hiring a property management company worth your time or not.