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    Flint Foley Real Estate Blog

    5 Reasons You Need a Property Management Company for Your Rental Property

    7/12/2017

    64 Comments

     
    5 Reasons You Need a Property Management Company for your Rental Property
    So you've bought a property and listed as up for rent. You think the hard part is over right? You got pre-approved, out bid your competitors and bought the property. Maybe you've even found a tenant. But running a rental property is a full-time job.

    Are you a hands-on landlord, or would you prefer to avoid weekend maintenance calls or monthly rental income and expense management? If you’d rather have someone else handle the details, hiring a property management company to manage your real estate investment might be the right choice for you. Yes, they’ll take a cut of your rental revenue, but they can also help streamline your business and free up your time.
    Take the time to research and interview several companies. Choosing a property management company is a big decision, and not every property manager will offer the same level of service or be the best fit for your needs. But, when you find a good one, you may never want to go back to managing rentals on your own. Check out my partner, TriStone Group!

    ​Here are 5 benefits a property management company can provide.

    1. Screening out problem tenants
    Experienced property managers see hundreds to thousands of applications, so their trained eyes are more likely to notice potential red flags when reviewing an applicant’s paperwork. Letting them manage the tenant screening process can improve your chances of landing a reliable tenant.

    2. Acting as the point of contact for tenant concernsI
    f something breaks at your property, it’s not always convenient or possible to drive over to the unit to inspect it yourself (especially if it’s in another town or state). A property manager can address problems at all hours of the day and arrange for a service provider to repair or replace the item. Or, if you have a tenant who always seems to have a complaint, be it the noisy neighbors or the dog who relieves itself on the front lawn, you can breathe easy knowing that the property manager is the point of contact for those types of calls.

    3. Decreasing tenant turnover
    Good property management companies know how to keep their renters happy. They are responsive, available and take care of problems as they arise. Happy renters are less likely to look for another place to live and more willing to accept reasonable rent increases.

    4. Ensuring rent is paid on time
    Since many property management companies deduct their fees from the monthly rent, they are motivated to keep those payments flowing in. Consistent rent collection is the key to receiving rent payments on time, and a property management company will enforce lease policies if payments aren’t received. If tenants are consistently failing to pay their rent on time (or at all), the property manager will know the proper steps to deal with the situation, including issuing an eviction notice if necessary.

    5. Reducing your rental headaches
    If someone else is handling the daily management of your rental property and tenants, you’ll have fewer complications and commitments to worry about. If more time and less stress are key to your quality of life, a property management company can be a great asset.
    ​
    Investing in rental real estate can contribute to your monthly cash flow and build long-term wealth — but day-to-management isn’t for everyone. If you just want a rent check and don’t want to be responsible for all of the details of your real estate investment, leaving it up to the pros can be well worth the cost.

    SOURCE
    64 Comments
    Ellie Davis link
    4/3/2018 05:47:42 pm

    Thank you for pointing out that management companies are very motivated to make sure the tenants pay their rent on time. This seems like a great way to make sure everything is running smoothly on the property. I would assume that any property owner would want to look into hiring a property manager.

    Reply
    (Milwaukeesurveyors.com) link
    2/15/2022 01:25:59 am

    Having the best one appears to be important. Anyone in need of a property manager should look into finding the right one for them.

    Reply
    Millie Hue link
    6/25/2018 06:01:17 pm

    I found it interesting when you said that hiring a property management company will help you get the right tenants since they have lots of experience already with screening people. I think that is important because having problem tenants will really be stressful. My mom will definitely benefit from this information since she plans on buying a property in Killeen that she can rent out to other people to add income to her family. Thanks!

    Reply
    Ashley Maxwell link
    7/18/2018 10:25:07 am

    Thanks for mentioning how a property management company should enforce deadlines. I also like how you said that they should be good at dealing with tenants that don't pay rent. My husband and I are looking for an apartment with a good property management company.

    Reply
    Garri son link
    7/27/2018 02:30:00 am

    This post is really amazing and very informative thank you so much for sharing it with us

    Reply
    Nora Butler
    9/14/2018 06:24:03 am

    Thanks for informing the importance of hiring a property management company. Rental property needs regular maintenance. Such maintenance takes a lot of time. One could save such time by hiring a rental property management company. Apart from this, such property management companies act as an interface between the tenants and the landlords. The bottom line is hiring a rental property management company could reduce the stress associated with the management of such property and could save a lot of time of the landlord. You may prefer to visit:

    http://www.landwin.com/property-management

    Reply
    Rosie Beckett link
    11/14/2018 08:18:53 am

    My favorite part of this article is when you say that property management companies handle any concerns that tenants may have during their stay. My parents have a couple of vacation rentals that they have been renting out themselves and they noticed that handling concerns of tenants takes up a lot of their time at all hours of the day, so having a property management handle this for them would be a huge benefit. Also, the fact that the management company will also make sure rent is paid on time will give my parents peace of mind.

    Reply
    Olivia Pearson link
    12/20/2018 10:18:12 am

    I really appreciate how you mentioned that hiring a property management company can be beneficial because you will ensure that tenants pay their rent on time, keeping income and sufficient funds flowing. My friend is thinking of investing in rental property, but he's worried that he won't be able to adequately manage the finances. I'm sure he'd really benefit from the services of a rental property management company that can help him collect rent if he does end up investing in apartments. Thanks for the tips.

    Reply
    Ellie Davis link
    1/29/2019 07:18:27 pm

    Thank you for pointing out why you need a property manager. Having the best one seems important. Hopefully, anyone needing a property manager looks into finding the right one for them.

    Reply
    Tiffany Locke link
    1/31/2019 07:53:13 pm

    I'm glad that you explain how property management companies can help enforce lease policies to ensure rent is paid on time. When choosing one, it might be a good idea to research local property management companies online. This could help you learn about their services and reputation in order to determine which one can provide the help you require to ensure things run smoothly.

    Reply
    steele honda link
    3/13/2019 07:35:46 pm

    Thanks for pointing that letting a property manager manage the tenant screening process can improve your chances of landing a reliable tenant. My husband and I are thinking about investing in rental real estate, but we don't really know what we're doing when it comes to renters because we're so new. I think having a property manager would really help us make sure that we weren't making any bad mistakes and help us keep everything running smoothly.

    Reply
    Adrian Jones link
    3/13/2019 09:00:51 pm

    An important thing to keep in mind when you're a property manager is that you should always collect rent payments on time from all the tenants in the complex since the money would be needed in order to keep the place running. Another thing to keep in mind is that property managers act as the point of contact for tenant concerns--even if it's something as mundane as that pet dog taking a dump in the front yard or those noisy neighbors. If I were given the chance to be a property manager, I would need a lot of patience since managing so many people is like taking care of an extended family.

    Reply
    Hazel Owens link
    3/18/2019 08:01:44 am

    You make a good point that hiring a property management service will help make sure that your rent is paid on time. This is helpful since it helps you avoid paying it until you receive rent from your renters. It would be smart to find a service that has good reviews on their rent return so you can make sure you're paid on time.

    Reply
    Silas Knight link
    3/25/2019 04:18:56 pm

    Property management companies seem like a great thing. I love the fact that they can screen out problematic tenants. We want to rent our second home, so I'll remember this.

    Reply
    Today Global Anandam link
    3/27/2019 05:19:51 am

    Great Post.!!!!
    Thanks for sharing this post with us it was really very informative and quite helpful for my small research.
    Thanks again.

    Reply
    Gillian Babcock link
    4/1/2019 04:37:49 pm

    My aunt has a lot of rental properties and she can't find the right tenants for the rooms, so, my mom suggested looking for a property manager. It was discussed here that property managers can screen out the problem tenants to improve the chances of landing reliable tenant. Moreover, it's ideal to consult a real estate professional about property management.

    Reply
    Sariah Meagle link
    4/9/2019 03:18:12 am

    Being able to screen out problem tenants is something that I've been meaning to do for a good while. I think I should hire a property management team if they can act as a point of contact for my tenants' concerns which can greatly help me in improving my business. Thanks for mentioning that they will also help decrease tenant turnover which is something I'll definitely need in the coming months so I'll hire a team soon.

    Reply
    Camille Devaux link
    4/11/2019 05:17:18 pm

    I have a friend that is thinking about getting a property management service. He wants to make sure that he is getting the right help for his tenants. It might be nice for him to know that this will reduce rental issues with fewer complications.

    Reply
    steele honda link
    4/12/2019 03:08:06 pm

    Thanks for pointing out that one of the benefits of having a property manager is that a property manager can address problems at all hours of the day and arrange for a service provider to repair or replace the item. I think that it would be smart to have a residential property manager to help you out if you had invested in real estate because they could help give you a break from worrying about it. I also think that since they would probably have experience in dealing with tenants it would be really smart to have one if you were first starting out and didn't fully know what you were doing.

    Reply
    Bree Ward link
    4/25/2019 05:40:51 pm

    It' true that consistent debt collection is the number one key in receiving rent payments on time, and having a motivated property manager can do all that job for you. I like how you highlighted the functions and benefits of having a property manager. If ever that will own a renting business in the future, I will definitely get a property manager to manage all the payment collection and tenant screening process for me.

    Reply
    Gillian Babcock link
    5/22/2019 10:21:34 pm

    My parents have a lot of rental properties and they are having a hard time managing all of it. According to this, it was mentioned here that managers can help to screen tenants and ensure that the rent is paid on time. Moreover, it's recommended to hire professionals for quality property management services.

    Reply
    Thomas Jameson link
    7/2/2019 09:00:35 am

    It's good to know that a quality property manager will know how to keep renters happy to reduce turnover and keep tenants around. My wife and I recently moved into a new house, and we're looking into renting out our old house for an extra source of income. We live pretty far away now, so we'll be looking into our options for property managers to keep any renters happy on our behalf.

    Reply
    Matt link
    8/23/2019 10:06:12 am

    Whoa! This is impressive. I'm just sitting here pondering everything you said. Really cool.

    Reply
    Angela Waterford link
    9/24/2019 03:31:48 pm

    Owning some realty properties is on my bucket list for next year's activities, and I'm thinking of renting out some houses that I already own. However, I still think I should hire a property management service because it will make everything else easy for me in case I'm not visiting the houses. You're right about saying that they will help me see potential flags on who should rent my homes, so I might consider hiring someone.

    Reply
    Ellie Davis link
    10/4/2019 01:59:17 pm

    I liked that you mentioned a property management company will help you to make sure the rent is paid on time. My mother is thinking about renting out one of her properties, and we are looking for advice to help her. I will let her know about the benefits of hiring a property management company to help her.

    Reply
    Eli Richardson link
    10/28/2019 01:56:41 pm

    One of my aunts has a few properties in rent, and she has a hard time attending them. It was well explained that a residential property management service knows how to keep renters happy to reduce turnover and keep tenants around. I'll advise her about hiring a management service to maintain her tenants updated.

    Reply
    Jacob Brown link
    12/11/2019 09:20:53 am

    It's good that you point out that using a property management company is good for making sure your tenants pay rent on time. I want to buy an apartment complex, and I'm considering using a property management company to handle the rent collection. I'm going to look for a good property management company to use.

    Reply
    Johnny McCarron link
    1/10/2020 02:19:00 pm

    I like how you mentioned that happy renters are less likely to look for another place to live. For what it's worth, my in-laws are considering renting out their home. Should they do so, I think they intend to use a cloud-based property management software to expedite processes.

    Reply
    rachel frampton link
    2/12/2020 04:18:33 am

    I just recently bought an apartment building, and of course, it's going to be rented out, but I have no time to handle everything due to my busy schedule. It's great to know that a property manager is experienced enough to notice potential red flags when it comes to reviewing an applicant's paperwork. Therefore, I'm currently looking for a property management company that will be able to help me out.

    Reply
    Brandon Charles link
    3/13/2020 11:07:30 pm

    Hello Blogger! Such useful information you have posted through this blog about Property Management Company for Your Rental Property. Choosing a 360propertymanagement.co.nz management company is a big decision. Thank you so much and please keep posting this type of blog.

    Reply
    Sabrina Addams link
    3/23/2020 09:57:02 am

    It's awesome that property managers are often responsive and take care of problems as they come and enforce policies to make sure rent is received timely. My parents are thinking of building an apartment complex as another source of income. It'd be nice if they could find property managers in Oregon City to help manage the tenants like this.

    Reply
    Houses for sale Nelson link
    3/30/2020 02:17:44 am

    Wow! What an amazing managing multiple properties.By the way thank you so much and It’s very useful for me. We hope you will visit our blog. They offer same information here Katcampbellandco.nz one must check them also.

    Reply
    Franklin White link
    4/1/2020 08:40:12 am

    I love the idea of having someone respond to all the problems that my tenants are having. I would love to own real estate but I have been afraid of having to deal with annoying tenants. If I can just hire someone to deal with them for me, then I'm all on board to invest in real estate.

    Reply
    Landlord property management link
    9/1/2020 02:06:06 am

    In this article you will get to know about the 5 reasons that why you should need a property management company for your rental property. I enjoyed reading this article as it provided me lots of information regarding it. You will get best review over here and would suggest others too. This is a great blog.

    Reply
    Shaylee Packer link
    9/2/2020 05:38:31 am

    As you mentioned, in hiring a property management company, they can be the main point of contact for the tenants and their concerns. My uncle owns some rental property that is about 2 hours away, and it is getting harder for him to make the trip out there whenever he is needed. I wonder if he has considered hiring a property management company to help him out.

    Reply
    Chris Pederson link
    9/17/2020 01:23:10 pm

    Thanks for explaining how property management services are great at keeping renters so the owner continues to make money. I think a ton of owners overlook this and assume they can get people to stay at their properties. The property management service is all about helping the renter so they can probably do a much better job than the owner can.

    Reply
    Michelle Catapang link
    10/30/2020 12:42:48 am

    You make a good point that hiring a property management service will help make sure that everything will be handled correctly. Thank you for explaining the importance of having a property management company by your side.

    Reply
    Land for sale Marlborough Sounds link
    11/18/2020 08:28:50 pm

    It is a wonderful article stating about the 5 reasons that you need a property management company for your rental property. This article is very helpful. This article mentions and acts as such a moving trigger. It is an article worth applauding for based on its content. This is a great post; I will share as much as I can.I must say this, if you get time can visit Rewarewasoundsproperty.com for ideas on this topic.

    Reply
    Michael Glenn link
    12/9/2020 02:27:19 am

    When it comes to communication and best deals, hiring a property management company is vital. And I think this article is the best to know everything in detail.

    Reply
    Taylor Hicken link
    1/5/2021 12:21:13 am

    I liked it when you shared that a great company will take care of the tenants so they will want to stay longer there. My wife and I are thinking of moving to a new place and we are planning to rent out our apartment as we do not want to sell it yet. I will keep in mind to look for a reliable property management company to help with the process of looking for a tenant for the apartment.

    Reply
    Fred Gibbons link
    1/12/2021 10:13:10 am

    Thank you for pointing out that using a property management company helps ensure that your rent is collected from tenants on time. I'm thinking about buying an apartment complex, so I should probably use a property management company. I'm going to search for a reputable property management company that I can hire.

    Reply
    Sam Chadwick link
    1/19/2021 08:09:42 am

    It was mentioned that when you have a property manager, they can act as the middle man and be the point of contact for the tenants. My brother owns a small commercial property in the next town over and doesn't want to have to be involved in the day to day. I will have to ask him if he has thought about hiring a property manager to handle all of that work for him.

    Reply
    Kristofer Van Wagner link
    1/19/2021 01:35:39 pm

    I appreciate that this post shared that it is important for us to hire a property management service to manage our properties as they can act as the contact point between us and potential tenants. The other day my wife shared that she is overwhelmed in managing her properties. I will recommend her to look into hiring a property management service.

    Reply
    Adam Golightly link
    1/19/2021 01:37:12 pm

    My dad has a bunch of properties that he wants to make sure he can rent out to have more fun. He would really like to get some help from a professional to manage them better, so that he won't have to do as much work. I liked what you said about how he won't be the point of contact for annoyed tenants, so that they will pay him on time.

    Reply
    Chris Pederson link
    1/26/2021 04:38:05 pm

    Thank you for sharing how good property management companies will keep their renters happy. I can't stand being in a place that treats me poorly. If a management company could make me happy with my situation then I will definitely stay there.

    Reply
    Nelson Fogerty link
    1/27/2021 12:31:02 pm

    It's valuable that you point out that a property management company can help screen tenants for you at your rental properties. I'm thinking about buying some rental condos in the near future, so hiring a property management company sounds like a great idea. I'm going to look for a reputable property management company that I can hire.

    Reply
    Eli Richardson link
    2/1/2021 06:23:37 am

    It's great that you mentioned how a property manager makes it easier to administrate your property. My parents are thinking about renting their condo and moving to another place. They want to visit some family around, and they think it'll be better to rent their place. I think that this article will help them out. Thanks for the tips about how it's important to hire a property manager that's qualified and have good communications skills.

    Reply
    Conrad O'Connor link
    2/2/2021 10:17:01 am

    It's great that you mention that a property management company can help take care of the details of handling your real estate investments. I'm thinking about buying a commercial property soon, so I should probably engage the services of a property management company. I'm going to see if there's a reputable property management company in the area that I can use.

    Reply
    Benchmark LM Management Services LLC link
    2/10/2021 01:55:10 am

    This is a beneficial blog! I learned a lot. Thank you for mentioning reasons to choose a property Management Company. We also share the same service and believe that you have given excellent and informative reasons in your blog. Visit https://www.benchmarkmgt.com/ to select the best-fitted property for you.

    Reply
    kate hansen link
    2/11/2021 12:21:13 pm

    It's good to know that a property manager can help with finding red flags. My sister was telling me yesterday afternoon while at my house for lunch about how she is wanting to look into renting out her home as an Airbnb, and she was wondering if she should hire a property management service to help her. I'll make sure to pass this information along to her so that she can know the benefits of hiring a property manager.

    Reply
    Auckland Properties link
    2/24/2021 11:15:43 pm

    Hi, thank you for such a brilliant post. I have been reading some blogs that gives me more knowledge about 5 reasons you need a property management company for your rental property; I must say this is one of the best among them. You have done a great research for I feel, thanks for sharing.

    Reply
    Curtis Butler link
    2/26/2021 10:09:04 am

    I think it's great that you mentioned how property management companies have the experience needed to gauge the reliability of tenants during the screening process. My wife and I would like to put a fixer-upper home up for rent so that we can save money for our son's college fund, but we'd like to find a tenant that will not damage the home's exterior since it is especially fragile due to its age. Maybe a rental management service can help me find quality tenants.

    Reply
    Jonathan Hansen link
    3/8/2021 10:32:07 am

    It's great that you point out that a property management company can screen tenants for you if you own real estate that you want to rent. My wife and I want to purchase a rental home this month, so we're thinking about hiring a property management company to screen tenants for us. I'm going to see if there's a good property management company in the area that we can use.

    Reply
    Alec Burns link
    3/24/2021 11:15:27 am

    Thank you for mentioning that a property management company can screen tenants for you if you own rental properties. I'm thinking about buying some real estate this year to rent out to people, so it sounds like I'll need the services of a property management company. I'm going to look for a reliable property management company in the area that I can use.

    Reply
    Bob Newton link
    4/6/2021 09:14:44 am

    Thank you for pointing out that a property management company can handle maintenance calls for you at your rental homes. I want to purchase some rental houses this year, so I'm thinking about hiring a property management company to handle the maintenance and repairs for me. I'm going to look for a reputable property management company that I can use.

    Reply
    property service link
    6/10/2021 12:36:42 am

    Property the board organizations set aside the effort to completely screen occupants. This cycle can be an overwhelming errand as it is tedious and complex particularly on the off chance that you don't have a lot of involvement exploring individuals and their experiences. On the off chance that you can't assemble all the data you need to completely evaluate the application and their qualification, you could wind up with a terrible inhabitant. Terrible inhabitants may decline to pay their lease as it were and afterward your adhered attempting to remove them which will take a greater amount of your time and cash particularly in the event that they would prefer not to leave. A portion of the top property the board organizations utilize a development occupant screening measure to discover inhabitants that lease for longer terms, pay their lease on schedule, keep up and care for the property, which at last prompts less issues for both the landowner and inhabitant.

    Reply
    Parinitha Bhargav link
    6/15/2021 06:05:50 am

    If one property is given for rent and if that is the only property, owner can somehow manage it but multiple property management needs a full time job. Thank you for mentioning all the points that matter for property management.

    Reply
    Kristofer Van Wagner link
    7/26/2021 10:39:53 pm

    It is great that this post emphasized that one of the many benefits of a property management system is that they can help filter applicants. My wife owns a real estate agency and she would like to streamline the tenant process. I will definitely encourage her to look into a system.

    Reply
    Braden Bills link
    7/28/2021 08:04:50 am

    I've been having a hard time taking care of my rental property, and I'm not sure how to go about it. It makes sense that I would want to get a property manager to help me out with this. That seems like a good way to ensure that everything works out properly.

    Reply
    Charlotte Fleet link
    8/5/2021 02:47:30 pm

    My parents own a rental property and they want to find a way to make it more successful and efficient. I like what you said about having fewer things to worry about if you hire a property management company to handle those aspects. I will recommend that my mom and dad look into hiring a property management service for their rental company so they can worry less.

    Reply
    Lyn Kim link
    8/24/2021 03:47:30 am

    Great article! Thank you for sharing this informative post, and looking forward to the latest one.

    Reply
    Kristofer Van Wagner link
    9/5/2021 09:29:04 pm

    I am grateful that this post shared that when considering a property management service, it is recommended that we consider someone licensed and trained. It makes sense as in odoing so, we can be certain that our property is in good hands. I will definitely keep this information in mind when I look for a residential property management service.

    Reply
    Mia Evans link
    9/6/2021 05:38:23 pm

    Thanks for pointing out that property managers would be able to have the proper experience regarding tenant applications. I guess this would really save the property owner from damages or issues with payments in the long run if they would be getting good tenants. So it would really make a difference when you invest in a professional instead.

    Reply
    Hailey Miller link
    9/6/2021 05:39:34 pm

    Thanks for pointing out that a good property management company knows how to keep renters happy since they can take care of problems as they arise. I would imagine that anyone who owns a property cannot always monitor its maintenance. I think they should look for a property management company that can ensure their property is being well maintained and cared for.

    Reply



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