Many owners of rental properties believe that when they manage the properties themselves, they will save money. However, they will soon realize that the help of a qualified property management company can in fact lessen their overall costs in the long run. Listed below are the 5 top reasons why having a property management company to manage your rental properties can save you more money over time.

If a property owner accepts a lousy tenant, there’s a chance that the company will lose money. This is after a unit is vacant, as a result of an eviction. Most landlords are inclined to accept tenants that are first to show interest, but a property management company will complete a very thorough screening process and will differentiate between highly-qualified tenants and the ones that aren’t qualified. Property managers can get the best-suited tenants for your property, giving every owner a secure monthly income.

Do you collect rent on the first day of every month? Or do you collect it whenever you get around to it? Do you have to adjust your schedule and perhaps miss a day of work at your job or have you ever had a hard time collecting the rent? If you can’t collect rent on time, it means less money in your pocket, and less interest to add to your investment. A property manager will have rent collection processes in place, making sure that your tenant will pay the rent every month and on time.

While every rental property owner can’t avoid repairs and maintenance, there are many benefits when a property management company is on your side. If the company you hire has one, you will have access to its in-house maintenance staff. They can offer you their professional services, which will generally cost less than using an outside contractor.

If the property management company has a maintenance crew that doesn’t provide the services you need, they will turn to its network of licensed, bonded, and insured contractors. These will be contractors with whom the property management company already has a good relationship, so you can rest assured they do quality work. If you try to find a handyman on your own, it may be harder to ensure that the work will done properly.

Due to the fact that most property management companies deal in volume, they can usually secure reduced rates for the contractor’s services. You end up paying less for the work, and depending on the repair, that discount could save you several hundreds of dollars.

Professional management companies will help you do a better screening process of tenants and will have leases that are signed for long term. Both of these factors can help minimize vacancy times, which will mean more money that you will collect every month. Having a high-quality tenant renting your property, generally helps ensures that you won’t have to worry about vacancies or tenants that move out after just a few months.

Your time is money. If you need to take time out of your day to tend to your rental property and deal with various tenant or maintenance issues, this time is costing you. By allowing your property manager to handle all of these tasks on your behalf, you can concentrate on many other things, enabling you to make the most of your time.