A few years ago we invested in the purchase of a vacation condo down at the Jersey Shore. While we love our condo, we did it mainly for the investment opportunities that came along with it.
Since we would not be living in our beach house full-time, we hired a company like Point Loma property management, to manage our property for us. This has really helped us to make money on our investment and it was a wise decision on our part.
Here are some benefits to using a property management company.
1. These types of companies have the professional experience in advertising and marketing that you don’t have! They can advertise your property online and offline to get you tenants.
In our case, we rent out our beach condo weekly during the spring, summer and fall seasons. The only time we don’t rent it out is during the weeks that we will be there or during the cold winter season. We make more than enough money on our rentals to cover our mortgage, property taxes, utility bills and maintenance costs.
2. Having a company manage our investment property has really freed up our time. My husband and I both work full-time jobs and lead very busy lives. The company that we hired saves us a lot of precious time and they have the professional experience to get the job done quickly.
3. A professional company will pre-screen all of your tenants saving you valuable time and they help to ensure that you only get quality tenants staying on your property. In addition, they can collect the rent payments, field all phone calls that come in and answer any and all questions that your potential renters may have. Why do it yourself when you can have real professionals do it for you?
4. It can be very stressful when you get into landlord and tenant agreements and you can reduce the potential stress by hiring a property management company to handle it all for you!
Overall, my husband and I are very pleased with our decision to hire a company to handle everything for us. Matter of fact, we are thinking about investing in a third property and if we do, we will outsource the property management for this one to them too!
These are good tips for anyone who has a rental property because it can save you a lot of time and stress. You just have to be careful which property management company you choose and examine it carefully – if possible get references
I know very little about using a property management company to oversee rental property for me so I’m glad to read this post that lists the benefits. It is true that a professional company has the expertise and the resources to run operations so that you get the most out of your property and that any potential renters have to go through the company before they are given the opportunity to rent. This probably saves a lot of time and headache. Creating a tenant/landlord agreement with the tenant could end up being a stressful and contentious commitment, so it is probably better to let a professional that knows legal terms to create that contract. I also imagine that if your property is located hours away, a property management company that is based in the area your property is located at would be the better choice so you don’t have to waste time traveling. Thank you for sharing these tips. It has really convinced me that a property management company is a great investment idea for any property one wants to rent out.