One of the biggest mistakes you can make as a landlord is to try and save money by managing your own investment properties. It may seem like an easy way to avoid a management fee and maximize profits, but property management companies are a lot more affordable than you probably assume. Most property managers charge between five and 10 percent of the collected rent, and their services are worth every penny. Instead of self-managing your rental, consider hiring a Northridge property management company for these three reasons:
- Lower maintenance costs
- Better tenants
- Saving time
Self-Management Leads to Expensive Maintenance
Investment properties have the potential to be highly lucrative, but they must be properly maintained for their value to be preserved. Quality property maintenance involves a combination of preventative measures and routine repairs. Instead of waiting for damages to occur, landlords should ensure that regular maintenance visits are carried out and properly documented. This allows landlords to catch problems early on and address them before they get out of hand.
You can maintain your own rental property, but by hiring a property management company, you can save money when repairs are needed. Property management companies provide the benefit of high quality maintenance staff and excellent relationships with contractors, and these advantages come with many years of experience. We know which vendors to trust, and we can negotiate better prices than individual landlords.
Self-Management Risks Bad Tenants
Nothing will drain your profits faster than a bad tenant. Yes, bad tenants can be evicted for legitimate reasons including nonpayment of rent, property damage, and lease violations, but it’s much easier to prevent these problems in advance. It’s also profitable, because good tenants last longer, and this reduces vacancies. By hiring a property management company, you won’t have to chase quality tenants. Having processed countless rental applications, property management companies are particularly skilled at tenant screening. We know how to recognize red flags from potential tenants without subjecting landlords to fair housing and discrimination lawsuits. A good property manager will also help landlords avoid scam artists targeting property owners.
Professional Property Management Saves You Time
Effectively managing a property is a time-consuming endeavor requiring as much attention as a full-time job, if not more. But for many landlords, investing in properties is a side hustle. Attempting to self-manage an investment property can be overwhelming for landlords with other priorities, and hiring a property management company is the perfect solution in this scenario. Spare yourself the time and labor that’s required to manage an investment property. While your property manager is expertly caring for your home and tenant, you can take care of other business matters, work your full-time job, and take care of family and personal obligations. You can even have more fun.
We make it easier for you to invest in multiple properties. Self-managing landlords waste valuable time collecting rent and addressing maintenance concerns, but hiring a professional Northridge property management company gives investors more time to research new markets, acquire new properties, and expand portfolios.
Generating income and increasing financial independence is the main incentive for investing in rental properties. It’s an excellent decision for business-minded individuals, but it can also be costly and time-consuming. So don’t spend more time or money than necessary on maintenance costs and tenant screening. Hire a property management company to manage your Northridge rental and take full advantage of their skills and expertise.
If you have any questions about how professional property management can help you save money, please contact us at Core Alliance Management.