In the newest installment of the “Amateur Landlord” series, UrbanTurf takes a look at the pros and cons of using a property management company.
Richard was part of the discussion and pointed out 2 big advantages of working with a property management company:
– “Doing all your own management work can be very time consuming. Some people have the time and resources to do the accounting and the repairs that are necessary over the term of the lease. But a lot of people don’t.” For this reason, a property manager can make life much easier for a first-time landlord.
– Property managers can be compared to ‘rent police.’ Because they make their money from rental charges, “you can bet that they are going to ensure that the rent is paid and that local laws are followed,” Richard said.
For the disadvantages, UrbanTurf points out that using a property management company would cost a property owner approximately 2 monthly rental payments per year.
Stay tuned for more first-time landlord tips from UrbanTurf and Richard.
