If you rent out one apartment, you can typically handle the associated responsibilities yourself. When you start buying additional apartments, however, it makes a lot of sense to hire a property management agency. Yes, you will pay a fee for these services, which is one reason people often put off hiring a property management company for far too long. But that fee is often more manageable than you'd assume, and it is well worth the benefits of hiring the management team. Here are those key benefits:
Someone else will handle off-hours emergencies.
You can't control when emergencies are going to pop up at your apartments. It would be nice if toilets always overflowed at 2:00 pm, but sometimes they overflow at 2:00 am instead! The more apartments you have, the greater the chance you have of getting those late-night or early-morning phone calls. What if you're handling one late-night emergency when you get a call about another one? Hiring a property management company keeps you from having to worry about this. The property managers will handle these phone calls, take immediate action, and fill you in during normal business hours.
The management company can screen your tenants.
Maybe you found a good renter for your one apartment, but finding good renters for numerous apartments can be a far bigger challenge. Screening numerous applicants for each unit can take all of your time! A property management company will do this for you. They have experience screening tenants, so they know what to look for and how to pick out the most reliable ones. Not only will you avoid spending your own time on this task, but you'll probably end up with better renters when you let the pros screen them.
You can expand with less thought.
Do you want to purchase more apartments? You never know when you're going to come across the perfect place to buy, and you want to be able to say "yes" when it does come your way. When you have a property management company overseeing your apartments, this is a lot easier to do. You won't have to consider whether you have time for another apartment or when you'll squeeze it in. You can make the investment financially and know that someone else will handle the rest.
If you own multiple apartments, managing them yourself does not usually make a lot of sense. Consider hiring a property management agency instead.
Once you sign the sale contract with your listing agent, there's a good chance that things will start moving quickly. Your agent will want you to stage your home for the listing photos, open houses, and showings. If you've never experienced the staging process, you may not know exactly what to do or where to start. The information on this site will help you to not only understand what's expected of staging but also offer tips for you to maximize your efforts without investing a lot of time. I hope the information here makes your home sale process a little bit less confusing and a little easier to manage.