What is a Property Management Company, and Why Should I Care?
There’s a reason why the property management industry is worth an estimated $101 billion. Thousands of homeowners rely on these companies every day to handle their property.
However, despite their prevalence, many individuals are unfamiliar with the role that these businesses play. So, what is a property management company? And how can they help you?
If you want to learn the answer to this question, and more, then you’re in the right place. In this article, we’ll walk you through everything you need to know about property management companies. Let’s get started!
What is a Property Management Company?
A property management company is a business that deals directly with your tenants. They handle things like finding them, collecting rent, and maintenance. On top of that, they’re also responsible for marketing, dealing with tenant complaints, and (if it’s needed) evictions.
In exchange for these services, the property management company takes a percentage of the rent you collect. Typically, it’s between 8% to 12% of the rent that you charge.
When Is It a Good Idea to Hire One?
Not everyone might be ready to give up a percentage of their income to a property management company. However, there are some scenarios where it just makes sense to do so.
One instance is if you own multiple rental properties. This requires a time commitment that most people just don’t have. Another case is if you live far away from the property. When a tenant needs you you need to be within driving distance.
The last reason is if you don’t want to handle all the work that comes with being a landlord. Property management ensures that you don’t need to deal with the paperwork, responsibilities, and other hassles that come with being a landlord.
How Do You Find the Right Property Management Company?
If you think that a property management company is the right call for you, then you probably want to hire one. Sadly, finding a good property management company can be easier said than done.
So, how do you make sure that you find a trustworthy one that you can do business with for years to come? A quick Google search is a good place to start. Just make sure that you screen companies by looking closely at their reviews.
If you need a recommendation, then you can’t go wrong with Delaware Realty Management. Make sure to check out this article if you want to learn more about this company with over thirty years of property management experience.
Want More Content? Keep Reading
We hope this article helped you answer the question, What is a property management company? As you can see, these types of businesses take a lot of the stress out of being a landlord.
As such, if it sounds like the right decision for you, then you should find a good one to manage your property today.
Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep exploring to find more topics that you’re sure to love.