Are you considering hiring Property Management Companies Gainesville FL to help you manage your rental property?
If so, you’re likely wondering what the benefits are and whether it’s the right decision for you. In this blog post, we’ll discuss some of the top benefits of hiring a property management company and help you decide if it’s the right step for you. Keep reading to learn more!
What is a property management company, and what do they do?
Pepine Property Management company is a business that manages rental properties on behalf of property owners. They are responsible for advertising the property, screening potential tenants, collecting rent, dealing with maintenance issues, and more!
Benefits of hiring a property management company
There are many benefits to hiring a property management company to manage your investment. Let’s take a look at some of the most significant benefits below:
- Time savings – Hiring someone else to handle tasks like advertising, showing your unit, and processing rental applications can save you hours each week! That means more time spent with friends/family, doing hobbies you enjoy or resting up after a busy work week!
- Quality tenants – A good property manager will only show your home to individuals who will pay rent on time and take care of the property. This will lead to less turnover and higher cash flow!
- Peace of mind – Let’s face it, we all want to feel relaxed and worry-free when we head out for vacation or a business trip. Hiring a pro is hands-down the best way to ensure you come back from your trip knowing your investment is in good shape!
- Strong local markets – Great property managers know the area and market better than anyone else. This means they’ll learn about properties before they even hit the MLS and can give you an edge when finding your next investment.
- Save money on fees – Great PMs will do lots of things for free that those other guys charge extra for (like showings). They’ve got tons of experience and love showing houses, so why would they want to cut into their pay? Makes no sense.
How to find the best property management company for your needs?
Now that you’re convinced that hiring a property management company is the solution to your investment let’s talk about finding the best one. Before you start looking for a PMC or an agent, do your research!
You need to know what kind of properties are available to fully understand what price range and location you should be thinking about. If you decide on townhouses but only see single-family properties listed, it’s time to redo your search parameters.
Things to consider when hiring a property management company
- Experience: Most companies have a minimum of 5 years of experience in the business, but inexperienced ones offer lower fees. If they’re new, ask them for references from previous clients and call them to ensure they were satisfied with the service provided.
- Services Offered: What do you want from your property management company? Do you need a full-service where they manage everything, including finding tenants and maintaining the property? Or would you instead hire different people for each task?”
- Initial Setup Fee: Some PMCs charge an initial fee ranging from $250 to $1500 or even more based on how many properties they’re going to manage for you once. They can be worth it if you’re hiring them for a large number of properties, but for just one or two, it might be better to avoid such fees (check with your state laws, though).
- Tenant Placement Fee: Most PMCs charge a tenant placement fee when they find someone willing to rent your property. It averages at $50 per tenant and can go higher in some cases. Keep in mind that you can negotiate this fee with the PMC, especially if they didn’t spend much time finding tenants for your place.
- Maintenance & Repair Costs: Once tenants are settled, it’s time to deal with any maintenance issues during their stay, which PMCs also handle. While most won’t expect any additional payment from you, some may ask for a monthly fee to cover the costs of maintenance and repairs.