Why Shouldn't I Manage the Property and Rent Collection Myself?

As a property owner, you're focused on issues like on-time rent collection or getting properties ready for future tenants when you have vacancies. You also need to make sure the properties are in good shape since you can usually get a better rental price for well-kept spaces that are comfortable and inviting. 

If you've been handling your properties yourself, you might wonder why you need to hire someone else.

There are some very good reasons to choose a property management company to help with your real estate portfolio. Turning the management of your rental properties over to professionals you can trust is one of the best ways to generate more revenue!

Here's what to consider when looking into why managing your own properties might not be the best idea to reach your goals and how you can benefit from quality property management.

Do You Actually Need a Property Manager?

Sometimes, a property owner who only has to collect rental payments from one property and lives in the area may easily manage that property. However, for owners of multiple properties or those who want to avoid any of the hassles of being a real estate investor, the best property management companies Suffolk, VA offers can handle collecting the rent (and more). 

Rental management companies deliver a long list of support options. Property owners can work with experts to ensure their property is cared for, has good tenants, and is kept up and maintained in ways that help it hold or increase its value. The peace of mind that comes with that can't be beaten1

Great Reasons to Hire a Property Management Company

So, what are some of the best reasons to work with a property management company? 

One of the biggest reasons is that handling everything yourself can lead to feeling overwhelmed. That overwhelming feeling could mean that you miss an important detail, or it could add to other frustrations that make property management a struggle. 

You also want to make sure you have a company that understands Virginia squatters rights to protect your properties and revenue from bad or dangerous tenants. Hiring a property management company reduces the risk of ending up with bad tenants because the property management companies Suffolk, VA, landlords trust have a thorough screening process.

Not only do they make sure the tenants are a good choice for the property before renting to them, but they also enforce the lease. 

Another reason to choose a property management company is that you won't need to worry about maintenance. It can seem like there's always some type of upkeep when it comes to properties, especially when you own several of them. Maintenance becomes a challenge if you're handling everything on your own. However, a management company will coordinate and handle maintenance issues, leaving you much less to worry about.

Don't Lose Out on Investment Property Revenue 

Money matters. After all, you're not renting out your properties because it's fun. You're renting the properties out to make a profit! 

If you're stuck dealing with things like late rent and lengthy vacancies, lost revenue can really add up. A property management company will make sure the rent is collected on time and advertise any properties that are vacant or about to be vacant to find new quality renters quickly.

Without good marketing and management, it can be hard to find tenants quickly. Unfortunately, that can mean missing out on quite a bit of revenue. Ideally, rental property owners should have a tenant lined up to move in when the current tenant moves out to avoid lost income from missed rent payments. Property managers make that easier because they'll market and show the property if the current tenant isn't going to renew their lease. 

As a result, you'll have longer-term tenants, shorter vacancy times, and tenants that are good about paying on time, so your real estate investment properties can operate more smoothly and generate more revenue. 

Work With One of the Best Property Management Companies Suffolk, VA Offers 

Good property management can make things much easier and reduce the challenges so many property owners face when it comes to rent collection, making a profit, and avoiding a hassle. When you work with a property manager, you can focus on something other than your rental properties and let those properties become the passive income stream you were hoping for.

Osprey Property Management is here to help property owners with one property (or many properties) improve on-time rent collection and maximize returns. Reach out to our team to learn more about our property management services!

Learn more about best practices for property management! Download the "Expert Guide to Rental Property Management" for free.