When Should an Ashburn Landlord Use a Property Management Company?

Professional property management is an excellent option for nearly any landlord or rental property owner. It provides a number of financial and operational benefits, and it allows you to enjoy the advantages of real estate investing without dealing with all the headaches and risks associated with rental property ownership.

While you may be able to manage a single property on your own, if you find you’re running into the same problems or struggling to access the resources you need to properly lease and manage your home, it might be a good idea to hand it over to professionals. A professional management company has systems and procedures in place to protect you and your rental home.

Problems with Rent Collection and Lease Enforcement

You’ll run into tenants who are more likely to take advantage of individual landlords and try to get away with things that they know they couldn’t get away with when a management company is in charge. For example, rent collection may be a problem for you. Perhaps your tenants are paying late or not at all. This will cause a headache for you and impact your own cash flow. Property managers have consistent rent collection policies in place. Tenants know when, how, and where to pay. They also understand what the consequences will be if they don’t pay on time. You’ll have stable and reliable rental income with a property manager collecting your rental.

Your management company will enforce every aspect of your lease. This is sometimes hard to do as a landlord, because it’s easy to become emotionally involved. Property managers treat your property like a business, and every decision that’s made will be based on what’s best for you and your bottom line.

Property Management Saves You Time

It’s hard to have a full-time job, a family, and recreational pursuits of your own when you’re managing a property. Even going on vacation is hard, because you still need to be available to your tenants. What if there’s a leak at your property in the middle of the night over a holiday weekend? Suppose the heat goes out in the winter? A property manager will respond to these things so you don’t have to. If you’re going to manage your property on your own, you’ll also need to stay up to date on all the fair housing and landlord/tenant laws. When your property is vacant, you’ll have to take the time to get it ready for the market, to price it correctly, advertise it online, and then show it to prospective tenants. You’ll need to screen tenant applications and generate leases. All of this takes a tremendous amount of time.

Property Management Saves You Money

Property Management Saves You MoneyWhen you have a good Ashburn property manager, you can earn more on your property and spend less. Some landlords bristle at the idea of paying a monthly management fee. But, a property manager can help you price your property better, saving you money on vacancy. A good property manager will place a better tenant, saving you from the potential eviction costs and property damage. Maintenance costs will likely be lower too, because property managers often receive discount pricing due to the volume of work they provide to local vendors and contractors.

There are many excellent reasons to work with a professional Ashburn property management company. Please contact us at Castle Management, and we’d be happy to tell you more.