Hiring a property management company in Phoenix may or may not be for you. However, before you decide that, you should know about the pros and cons of hiring one. Read on to learn about the pros and cons of hiring a property management company.
1. The Pros
“One of the best things about hiring a Phoenix property management company is the experience they bring to the table.” Robert Orme of Red Hawk tells us. “The chances are you don’t have a lot of experience managing properties, or your experience may be limited, but that is not the case with asset management companies. A good property management company will have a lot of experience that can benefit you in many ways, such as managing your properties in a more effective and efficient way.”
Let’s face it; many landlords don’t enjoy dealing with tenants because they are not a people person, or they may be overly shy and don’t like to interact with their tenants. Some landlords are far too busy to interact or communicate with their tenants, but you don’t have to worry about any of this when working with a property management company. They communicate with your tenants, and they take care of phone calls that come in, and they collect rent from them. In other words, you don’t have to deal with tenants because the company does it on your behalf.
Many landlords know the basics of the law, in regards to properties. However, their knowledge of it is usually limited, but a property management company knows the laws that relate to you and your property. As a landlord, you want to do everything by the books, and a good company will ensure that this happens.
Another pro is they will take emergency phone calls, and they can handle the maintenance. Sometimes maintenance fees will be included with the fees you pay the company, but many management companies will let you know ahead of time what you can expect regarding maintenance issues that arise. One thing is for sure, and that is if you own a large property and have numerous tenants, then you probably don’t enjoy taking emergency calls at all hours of the day. If that sounds like you, then consider hiring a property management company.
There is a slim potential for theft, and this is because the company will be collecting your rent, and the potential tends to be greater if rent is paid in cash. Keep in mind that when you hire a reputable company that has been around for a long time, the chances of this happening are slim to none, but the potential is always there. If you are overly concern about theft happening and not receiving your rental income, then you may want to think twice before you hire a property management company.
Another con is the price, but this isn’t a major con because you get what you pay for. If a company is well-known and has a lot of experience, and they know what they are doing, then expect to pay more money, but the chances are it will be worth it. If you don’t enjoy spending a lot of money on services and products, then hiring a property management company may not be for you, but make sure you know exactly how much it will cost you before hiring a company.
Those are the main pros and cons of hiring a property management company in Phoenix, Arizona. Compare the pros and cons and then decide if it is worth hiring a property management company. Generally speaking, there are more pros than cons when it comes to hiring one, but the choice is ultimately up to you.