Investors owning multiple rental properties, usually opt to hire a property management company, as they find it tedious to handle all of the different aspects related to running a rental property themselves. Some landlords do still manage properties on their own or with the assistance of a resident manager, however most of them need more help. Once they see that need, they decide to hire a property management company.

Property management companies can be of great help to your rental business. Although they will cost you some money, there are several good reasons why you need to hire one. With the factors discussed below, you will determine if hiring a property management company is the best option for you.

When a property management company is by your side, that company will directly deal with prospects and current tenants. It will save you valuable time, as the manager can handle the marketing, rent collection, maintenance and repair issues, respond to complaints of tenants, and they can even pursue evictions. Additionally, a good management company has lengthy experience and a proven track record, giving you peace of mind knowing that your investment is well-managed. Since a management company employs qualified and experienced professionals, you can avoid many hassles.

A property management company can provide you some advantages, although having one will cost a fee. Depending on how concerned you are about that financial cost, you will want to weigh the benefits of hiring that experienced property manager versus handling the rental on your own. When you want to determine if hiring a property management company would be a good decision for your rental business, you should consider the following factors.

You should hire a property manager if you have a lot of properties or rental units. The more properties you own, the more you’re likely to benefit from a property management company. If you don’t live near your rental property, hiring a property management company in the local area will be a huge benefit to you, as they will be able to deal with many issues that you will not be able to handle from a distant place.

If you’re not interested in hands-on management, hiring a property manager to find good tenants and to maintain a safe and attractive property for those tenants  to enjoy, is a plus. If you view the rental property as an investment, and want little or nothing to do with the day-to-day management of your properties, consider hiring a property manager to manage your rental business.

Additionally, if your time is limited and you cannot devote your full-time attention to your rental business, hiring assistance may be in your best interest. If you choose to focus your time elsewhere, but still want the day-to-day affairs of your business to be attended to, then a property management company may be the right choice to manage your business.

Having a property management company working on your side is a good option, if you can afford the fees. When interviewing management companies, you will expect quotes that range between 8% and 12% of what you can expect to make on rent. If the rental market is on a downward trend, and you want to manage things yourself, or with the help of a resident manager, you may want to continue in that arrangement until the market picks back up.

If you depend on a resident manager or other employees to help manage your rental business, you become an employer. You’ll have to keep the payroll and deal with other things such as legal requirements and other critical rental issues. You can avoid the hassles of being an employer by hiring a property management company.

A property manager can help you with many issues that your rental business encounters daily. They can easily find the right solutions to any problems that may arise about repairs and maintenance of your property. They also have extensive knowledge of dealing with numerous rental issues such as complaints from tenants, eviction processes, and other legal matters.

If your rental business is expanding and you are suddenly occupied with management tasks, at some point, you will realize that you need help to manage your rental business. At this point, you might feel it necessary to hire a property management company.