The Pros and Cons
THE PROS AND CONS OF HIRING A REAL ESTATE PROPERTY MANAGEMENT COMPANY
[Pro and Cons for property management] There are both advantages and disadvantages when choosing to work with a property manager to look after your investment properties. Before hiring a property manager, consider the pros and cons, your budget, and your personal needs.
The Pros of Hiring a Real Estate Property Manager
Beneficial for investors who own multiple properties: If you own multiple properties, it can become difficult to handle while keeping tenants happy. Hiring BellMan Properties LLC assures that your properties and tenants will still get the work and attention they need even if you don’t have time to take care of it yourself.
Allows you to invest in other places: One of the main perks of working with BellMan Properties LLC is that it allows you to invest in properties far away from you without worrying about managing everything yourself remotely.
Not responsible for operational tasks: Another notable benefit of having someone else manage your properties is that we will take care of maintenance and upkeep. Rather than attempting to tackle all repairs yourself, you can rely on BellMan Properties LLC or our maintenance team to take care of the work for you. If you already have a maintenance team in place, we can act on your behalf to have your team get the work done. Generally, there is little to no fee if we use the maintenance team you already have in place.
The Cons of Hiring a Real Estate Property Manager
Relinquish control of the property: When you work with BellMan Properties LLC, you relinquish some of your direct control over the property and allow us to take care of things for you. While this helps you avoid the hands-on work of managing a property, it also means we may do things differently than you would.
Property management costs: Working with BellMan Properties LLC isn’t free – as we noted above, you’re likely to be charged multiple fees in exchange for the services we provide. These costs vary but tend to be a portion of what you make overall in monthly rent. Research property managers before working with one to confirm it works with your budget.
Non-Bias screening process: BellMan Properties LLC takes over the task of screening potential tenants to live in your properties. While we still have screening standards, we might be less strict than you would be screening tenants yourself, we make sure we use the same standards for all tenants and follow all federal and state laws.
The Bottom Line: Property Managers Are Trusted with Great Responsibility
BellMan Properties LLC can be a huge help to real estate investors who might not be near the properties they own or simply don’t have the time to manage. The service of a manager is not free, however, and their services may not appeal to all real estate investors.
Before deciding to work with any property manager, consider your financial and personal needs as well as the needs of your property and decide whether you would be comfortable relinquishing some control of the investment to a third party.