We get it, reading about the pros and cons of hiring a property management company on a property managers blog is like asking a door-to-door widget salesman about downsides of widget ownership. But here’s the thing, here at The Rental Lister, we understand that the more we educate the people of Las Vegas about the property management business, the good and the bad, the more educated our customers will be, if and when they decide to finally hire us. This is why we started our blog in the first place.
So, today we are going to take a good hard look at just why someone could benefit, or not benefit by going through all of the pros and cons of hiring a property management company. Of course, we will start with the pros because we like to think that they outweigh the cons by far.
The Pros of Hiring a Property Manager
While some of the pros of hiring a property manager may seem apparent, just writing them down doesn’t quite do them justice. In order to really experience these pro’s, you really have to just jump right in.
- Years of Experience
Even if you have been managing your own property or properties for years now, someone who has been managing properties as a full-time job for decades will have much more experience. This means that no matter what issue or problem arises, these experienced managers will have a system in place to immediately deal with it. Most property managers won’t have a problem walking you through these processes either before you hire them.
The majority of licensed managers will also be realtors, so they will also have a good education on top of their Las Vegas property management experience. They will have a good understanding on the current, and ever fluctuating housing market, and will know how to accurately price the rent for your properties.
An experienced property management agent will have dealt with all kinds of tenant disputes, tenant evictions, roommate changes and sub-leases, lease breaks and more! While when these things only happen every now and then, it can be easily managed by a lay-man, life rarely happens that way. In real life all of these things will happen all at the same time and that can be enough to just drive someone crazy who doesn’t have experience dealing with such things.
- Free Time for You!
If you own just one rental property or several, if managed yourself you will be on call 24/7. We would like to hope that a good tenant will wait to contact you at a normal hour because of a clogged toilet, that’s just not quite how it works unfortunately. You can expect your tenants to call you day or night, over whatever significant or insignificant problem. While it would be easy to just ignore these calls, one of the keys of tenant retention is to immediately respond to these issues.
When you are considering the pros and cons of hiring a property management company, not having to worry about dropping everything, day or night, to go fix a leaking pipe or broken window, will most definitely be one or the highest-ranking pros. This is because when you suddenly have less things to worry about, your overall stress levels will decrease. Anything in life that decreases stress levels has to be valuable in this day and age.
- Property Maintenance
A good property management company will have a long list of tried-and-true repair companies and handymen that they know will do a good job. If you leave issues and damages to your property untended, they will eventually decrease the value of your investment. Having to wade through a list of hundreds of repair people on Google is time consuming and risky.
A property manager will know exactly who to call and will know that their guy will do a good job, regardless of the problem or issue. Having this list of vendors and service people that they have used in the past is invaluable.
- Property Marketing and Tenant Retention
A rental property that is just sitting empty is not making you any money. In fact, if you have a mortgage on the property, you will be losing money without rent paying tenants living inside. Folks will move for a variety of reasons. They could get a job offer out of state, want to live closer to family or are just wanting a change of scenery. Its unavoidable.
A good Las Vegas property manager will be able to immediately list your rental on all of the most popular websites, as well have a process where they can find the best tenants for your property through their tenant screening policy. This will get you good, rent paying tenant into your empty property ASAP so that you can start making money from your investment.
The Cons of Hiring a Property Management Company
While it would be easy for us to just tell you that there isn’t a single con to hiring a property manager, that just would not be honest. Also, after hiring a manager like The Rental Lister, you will soon get to experience some of the cons yourself so we might as well just tell you now.
- Expense
Of course, the cost of the property management fees will be the number one con. Most Las Vegas rental property managers will charge a portion of the rent that they collect on your behalf as their fees. Asking a potential property manager their fees will likely be one of the first questions you should ask.
- Loss of Control
When hiring a property manager, you will lose the ability to have a say on the day-to-day decisions regarding your property. Who to hire for repairs, clauses in the lease, and even tenant selection will no longer be in your control.
When Considering the Pros and Cons of Hiring a Property Management Company, Think The Rental Lister LV
We have been helping the residents of Las Vegas Nevada manage their properties for over 20 years. If you decide to hire us, and we cannot lease your home within 21 days, we will give you your first two months of management free. Also, if you are at anytime unhappy with our management after weighing the pros and cons of hiring a property management company, you can cancel our agreement without a fee. The first step is to call us and sit down for a chat. We will discuss all your property management needs and go over all our policies and lease agreements so you can be sure you are hiring the best in Las Vegas.
