Having invested in a rental property, the maintenance and running of your property can quickly become overwhelming. The logical solution for many landlords is to hire a property management company to oversee their rental property. Here are some points to consider when making the decision on whether to run your rental yourself or to hire a property management company.
- Where is your rental property located? If you have purchased a rental property near your home or place of business, you'll be able to keep an eye on the property. However, if your rental property is far away, you'll be loath to travel to it to deal with the inevitable problems that arise. If you're unable to check on the property on a regular basis and handle any issues that may arise, finding a local property management company can mitigate these concerns.
- Do you have experience in running a rental property? If this is your first investment property you could find yourself out of your depth. Collecting rent can be a stressful and frustrating event. If you are not familiar with rent collection, you may quickly find that your tenants are taking advantage of your inexperience.
