Every landlord is different and has different needs, concerns, tenants, and problems. For some landlords running their own rentals and doing the work themselves is the way to go; but for many others, a property management company is nothing short of a miracle for their business. But it is always a tough decision to figure out if it makes sense for you to turn your properties over to somebody else.
The amount of work a property manager does can vary based on your needs. If you need someone to completely take over the property, or if just finding tenants to fill vacancies is all you want, a personal customized plan is out there. The following list can help asses if a property manager is right for you:
Good Idea For You
Not For you
Property managers fees vary. In large Apartments, management fees can range from 2-4%. In single family homes, that fee can be 8-13%. There are often additional fees beyond that. Make sure if you use a property manager you clearly understand the fees charge and their company policies.
The Utah Apartment Association has a list of property management companies that we recommend doing business with. If you are interested in this, or if a property manager sounds like something you want to use give us a call. Not only can these managers lift a huge burden off of a landlords shoulders; but they can increase revenue, eliminate problems on the property, and help the over all value of a rental unit. It also eliminates some of the burden you have to worry about fair housing laws and discrimination.
Not every landlord needs or wants to have a third party manager. But it is always worthwhile to periodically check to see if it still makes sense for you to manage on your own, or if it would be easier and make sense to turn your properties over to a professional third party.