If you only own a couple of apartments, you may assume it's better to just do the work yourself rather than hire an apartment management company. However, many landlords come to regret this decision after a year or two when they realize just how burdensome overseeing a few apartments can be. So that you're not faced with the same regret, consider these benefits of hiring a property management company from the get-go.
You don't have to worry about screening tenants.
Unless you have years of experience running background checks and "reading people," it's hard to know who will be a good tenant. As a private landlord, you have to spend hours combing through applications to find suitable tenants, and even then, you're crossing your fingers as you pick one. A property management company, however, will have a lot of experience vetting tenants. They'll know just what income to look for, what words are red flags on an application, and how to rule out criminals effectively. You can have more confidence that the people renting your apartments are responsible -- without spending hours combing through paperwork.
Communication will be facilitated.
Especially when you have another job and other obligations, fielding phone calls, texts, and emails from multiple tenants can really eat up your time. And if you're not near your phone and don't see a text from a tenant in time, they may become frustrated at your lack of communication. When you hire an apartment management company, they communicate with all of the tenants. You just have to communicate with the management company's liaison, and this can happen once a week or once a month at planned times.
You won't have to take care of emergencies at 3 am.
When you're a private landlord and the toilet clogs at 3 am, you have to take the call from the tenant. When you have a property management company, on the other hand, they take care of this type of emergency. You will hear about it soon enough, but you don't have to be the one calming down an anxious tenant and calling around to emergency plumbers in the middle of the night. Since you don't have to be available for emergencies of this sort, you'll have an easier time traveling and spending time with your family.
Even if you only have a few apartments, hiring a property management company will free up a lot of your time and energy for other endeavors.