As an owner of Branson rental property, one of the biggest decisions you will make is in hiring the right property management company
Property management companies can be a huge asset, but they don’t come cheap. Bearing in mind, of course, “If you think hiring a professional is expensive, wait until you hire an amateur.” Under some circumstances you might not want or need one. Carefully review all aspects to determine if hiring a property management company is the right choice for you.
What a Property Management Company Does
Management companies deal directly with prospects and tenants, saving you time and worry over marketing your Branson area rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions. Plus, a good management company brings its know-how and experience to your property, giving you the peace of mind that comes with knowing your investment is in good hands. Finally, a management company is an independent contractor, so you avoid the hassles of being an employer.
When To Consult With a Property Management Company
If you are an inexperienced investor, or highly skilled but purchasing your first property in a new region, it is advisable that you consult with a professional property management company prior to making a commitment. An experienced company can assist you in the area rental market and rental rate valuation. This is valuable information to assure you are purchasing the right property, for the right price, with the maximum return.
When To Hire a Property Management Company
You should consider hiring a professional property management company if:
You have a lot of properties or rental units. The more rental properties you own and the more units they contain, the more likely you are to benefit from a management company.
You do not live near your rental property. If you live far from where your Branson investment property is, hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You are not interested in hands-on management. Some landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. However, if you view your rental property ownership strictly as an investment, and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.
Your time is limited. Even if you enjoy hands-on management, you may not have much time to devote to your business, especially if land-lording is not your day job. If you prefer to spend your time growing your business, including searching for new properties, arranging financing for renovations, or changing your business structure, then a management company may be a good way to spend your money.
You can afford the cost. Hiring a property management company is an attractive option if you can afford the fees. When interviewing companies, expect to hear quotes for monthly management ranging between 5% and 15% (varies by region) of what you collect in rent revenue, in addition to leasing fees.
You are suddenly inundated with management tasks. If your business is growing, at some point you may find that you need a substantial amount of help to manage everything properly. At that time it makes sense to hire a management company.
You do not want to be an employer. If you hire a resident manager or other employees to help with your property, you become an employer. You will have to handle payroll and deal with a host of other legal requirements and considerations. By using a property management company you will void the hassles of being an employer. A property management company is not your employee, and neither are the people who work for the company.
Learn more about our property management services here!
Call us Today at 417-337-RENT (7368) and let our leasing professionals provide you with all the tools you need to make your move easier. Thousand Hills Realty…”LEADING THE WAY HOME!”