by Jennifer Minge

Once you have invested in a rental property, the responsibility of maintaining and running the property can quickly become overwhelming. If this is your first foray into property management, you could find yourself in over your head. In addition to rent collection, day-to-day maintenance of a rental property can be tiring. You can find yourself spending more time at your property than at your regular job. If you are not operating your property as a full-time job, you may not have the time to address tenant concerns and repairs in a timely manner.

On the other hand many landlords look forward to the challenge of finding good tenants and the rewards of maintaining a safe and attractive property on their own. If your business is growing, at some point you may find that you need a substantial amount of help to manage everything properly. But if you view rental property ownership strictly as an investment and want little or nothing to do with the day-to-day management of your properties, consider hiring help to manage your property.

One of the biggest decisions you will make as a landlord is whether or not you should hire a property management company. Many landlords manage properties on their own or with the help of an employee, such as a resident manager. If you’re getting constant requests for repairs to a property, having someone who can devote the majority of their time to your property is very helpful. But sometimes landlords need more help, and that’s when a property management company might make sense.

Property management companies can be a huge asset to your business, but they do not come cheap. Landlords should expect to pay a property management company anywhere from five to ten percent of the gross rental income. Hiring a property management company is an attractive option if you can afford the fees.

Some people new to the landlord game try managing the properties themselves and hire a manager later when they encounter difficulty. Property management companies take the burden away of collecting rents. The more units you have, the more you can benefit from a professional maintenance worker or property management company. Hiring a property management company should result in more free time and less worry for you.