There are a few essential differences between hiring a professional property management company and self-managing your rental home. Today, we’re sharing some of the pros and cons to these options.
Tenant Evictions and Professional Property Management
In our research, we have found the percentage of people evicted by property management companies is lower than the evictions conducted by owner/managers. Part of the reason is that professional managers do a better job of screening tenants.
We are more consistent with background checks, credit checks, verifying employment, and obtaining rental histories. Late payments are more frequent in homes that are managed by owners, versus homes that are managed by professional managers.
Running Your Property like a Business with Professional Property Management
Hiring a professional manager takes the emotion out of the equation. When you’re emotionally invested in the situation and your tenant is late paying rent, it’s easier for self managers to extend the grace period. That will only lead to a pattern of late payments and ultimately may turn into no payments. But a professional manager has no emotion invested. We see this from strictly a business perspective, and our loyalties are to you, the owner. We want your property to be rented, and we want the tenant to pay on time. Property managers utilize up-to-date technology to ensure your property is managed as efficiently as possible.
Remember that you don’t need just any tenant. You need a good tenant. That’s precisely where professional property management can come into play. We know how to place tenants who will pay rent on time and take care of your property. You’ll have fewer evictions and fewer problems than you would with self-management.
If you have any questions about hiring a professional property management company, or you’d like to have more information about our services, please contact us at RSI Property Management Group. We’d love to talk to you.