So many people move from isolated areas to towns and cities, hoping to find work and have a better lifestyle. Finding work also means looking for places to stay. People who are new to major cities have options to search for property online, hire a broker or property management service.
Hiring a property management services can be expensive, but it has many advantages. Go through these factors and understand if it’s good for you or not.
You have many rental units: When you have more than one rental properties, and they all have small units.
You don’t live near your rental property: Your rental properties are in different locations, or in cases of NRIs in different countries, for then, NRI property service becomes more essential than local residents.
You don’t want any headache: Many landlords want to look after their property by themselves without any outside help in order to maintain a safe and attractive property. But if you view your rental property strictly as an investment and want little or nothing to do with daily small things, consider hiring help to manage your property.
Limited time: You’re working your day time job or running your business, and you’re primary is on improving your business, and property rental is just secondary income.
You can afford the cost: It’s a great option which possesses many benefits, but it all comes with a price. Although, the price of the services vary from company to company, and you must consider multiple options before you decide to hire one. But expect 5 to 10 % of the rental income or fixed sum in some cases.
You don’t want to be an employer: In order to save cost of a property management company, you hire a resident manager, or maybe more staff and now you’re an employer, and with that comes more tasks in hands: handing payroll, legal work, keeping an eye on the employee, and all these sort of things which can be really time consuming.