As a property owner, you have a big decision to make on whether you should hire a property management company. Not all property owners hire property managers. Many can manage with the help of a resident manager, but there are times when property owners need more help than what a resident manager can provide. That’s when property managers come in.
What is a Property Management?
Property management deals with the managing of properties owned by another party or entity. It does not only deal with residential real estate but also commercial and industrial real estate, which includes the administration of apartments, detached houses, condominiums units, and many other real estate properties. The property manager is the one who oversees and preserves the value of the property while generating money on behalf of the owner.
Some real estate brokers can also operate as property managers. Aside from buyer and seller agent services, they also provide property management services.
Why Should You Hire a Property Manager?
There are many reasons why a property owner hires a property manager. Some of the reasons include:
- Some owners have many rental properties but do not necessarily have the experience and expertise to maintain the properties and deal with the tenants, notes Real Property Management.
- The property owners only want to earn profits from renting properties but do not really want to deal with the details of it.
- Owners live far away from their rental properties.
- The property is included in an affordable housing program.
- The owner can afford the costs.
- The owner does not have the time to see to the properties himself.
Finding a Good Property Management Company
There many property management companies in Portland, but be cautious when hiring one. You can seek recommendations from your local apartment association and colleagues. While it’s good to have someone recommend a good property manager to you, it is still your job to double check and interview the companies to make sure that they are who you are looking for and to get all your questions answered.