Rental property owners know that monthly passive income builds wealth over time. Renting out properties may provide a great return on investment.
Managing a property comes with many responsibilities. You need to set the right rent, screen prospective tenants, and quickly resolve unexpected issues. Some landlords find that all of this intense activity results in stress and less free time.
Hiring a property management company can be useful in many scenarios, including the following:
- You live far away from your rental property.
- You own more than one rental unit.
- You don’t have the time or energy to take on all the responsibilities.
- You don’t have much experience in managing rental properties.
Property management companies offer a wide range of services. You’ll benefit from the experience, knowledge, and skills they have accumulated over the years. Additionally, management teams have an extensive network of trustworthy contacts. This contact list is useful for any maintenance and repair needs.
Let’s take a closer look at questions that will help you decide if you should hire a property manager for your Dallas rental.
#1: Do you have enough time?
According to a countless number of landlords, managing a rental property can feel like more than a full-time job. You will need to be on call 24/7, and unexpected things have a way of happening at the most inconvenient times.
Take a look at some of the things you may have to face at any time:
- Maintenance & repairs
- Complaints from your tenants or their neighbors
- Eviction procedures
These examples are just a tiny sliver of the whole spectrum. Being a landlord is demanding, so you need to make sure that you’re ready to make the commitment. Otherwise, you can always delegate these time-consuming duties to a professional property manager.
#2: Do you know how to screen tenants?
You will want to have tenants that pay on time and respect your property. Proper screening procedures are essential to minimizing the risk of issues later on.
High-quality tenants ensure that you’ll get the most out of your rental. The only question remains: how will you avoid the ones who might become problematic?
Property management companies have reliable screening methods that weed out candidates with a history of evictions or financial trouble. However, the procedures rule out any discrimination as they comply with the Fair Housing Act and other relevant laws.
#3: Are you experienced in legal matters?
Landlord-tenant laws exist on the local, state, and federal levels. As a landlord, you need to comply with all the rules and regulations. Otherwise, you could find yourself facing a costly court battle.
Many aspects of property management tie to legal guidelines. These include property inspections, security deposits, lease agreements, tenant evictions, and screening process. All of these actions carry the risk of legal consequences if you don’t do them the right way.
A professional property manager hedges your rental business from legal trouble. You won’t have to worry about any potential lawsuits. All the procedures will be carried out on a sound legal basis.
#4: How quickly can you respond to emergencies?
Any fire or flooding resulting from faulty plumbing calls for fast intervention. If you live in another town (or even state), it would be impossible for you to reach the property quickly enough.
Emergencies can make you feel stressed and result in travel expenses. This option could be more convenient for your tenants as well.
#5: Are you willing to give away some of the control?
Relationships between property owners and managers rely on trust. You need to be certain that you share the same passion and goals for maximizing the rental property’s potential.
Always pick a reputable company that has a lot of experience in the field. A common landlord mistake is finding a cheaper alternative, but not realizing that they get what they pay for. The alternatives may ultimately end up costing you more money in the end.
Knowing that your personal interests align with the property manager’s vision can be very exciting. You’ll know that your investment is in good hands. While the property and its tenants receive great care, you can focus on other important matters.
#6: Can you afford a property manager?
You need to ensure that you can afford a professional property management service.
There are no universal rates. Each company has its own pricing policies that usually depend on your property’s monthly rent and the requested services. Also, many companies charge a tenant placement fee. This means that you’re charged a fixed fee for every filled vacancy. In many cases, the fee amounts to a month’s rent.
So, do you need a property manager in Dallas?
Before making a final decision, reflect on your experience level, skills, and available time. Additionally, factor in the costs of hiring a professional property management company.
Note that most of them can accommodate a variety of needs. Even if they do a full-service approach, you could still benefit from getting individual services based on your needs.
We recommend you take some time before making a commitment and signing any agreements. If you have any further questions, just give us a call!
And if you want to work with us, contact Uptown Dallas Properties today!