The Lancaster, PA apartment rental industry has been on a solid upswing over the last few years—there’s never been a better time to invest! Property investment is a great way to add additional revenue streams to your monthly income and is often used to facilitate early retirement or fund active retirements. When handled correctly, your rental property investment should grow in value as time goes by.
So, should you manage all aspects of your investment by yourself or find a property management company in Lancaster to handle the day-to-day heavy lifting?
Here are three important factors to consider when deciding whether a property investment company is the right choice for you!
First-time landlords are often surprised to learn that managing a rental property is a fulltime job. From advertising and showing vacant properties, screening potential applicants, being available 24/7 for emergency repairs and maintenance, and handling all issues and transactions during the rental cycle, this “passive” income stream can quickly become overwhelming to deal with.
A property management company will oversee all these responsibilities, freeing you from the time commitment that comes with owning a rental property. Property managers can quickly perform repairs and maintenance calls, get units ready to rent, and ensure that vacancy cycles are as short as possible.
Sure, hiring a property management company comes with a short-term cost, but how much is your time, peace of mind and long-term property value worth to you?
How do you attract the best tenants to fill your vacant properties? You need a comprehensive marketing plan to reach your customers and screening practices to ensure you find the right tenants for your property. Do you have the time and know-how to update social media profiles, real estate websites and local print media with property ads, screen applicants and conduct walk-through tours with all your prospective tenants?
This is where a property management company can make your life a whole lot easier! A big part of their job is advertising your property and running credit & criminal background checks on applicants. An essential part of maximizing your investment is keeping vacancy periods as short as possible and filling your properties with tenants who pay their rent on time each month.
Knowledge of the Law
One of the benefits of using a property manager is they act as a buffer between owners and tenants, keeping you from having to get personally involved in any issues that may arise during the leasing period. They can handle lease negotiations and terminations, inspections, rent collection, evictions and all associated paperwork.
A good property manager has a thorough knowledge of local, state and federal laws regarding discrimination, Fair Housing and ADA regulations and property code compliance. Their expertise helps your business avoid legal pitfalls or lawsuits, and property managers will usually handle any court hearings that may arise out of tenant issues so you don’t have to.
What works best for you?
No two investors’ situations are exactly the same--your needs and priorities are dependent on where you are in life and what your goals are. However, if you value your free time and don’t want to deal with the stress of managing your rental property, using a property management company may be the best route for you.
Utilizing property management companies makes it easier to buy one or more rental properties while making sure that all issues are dealt with quickly and effectively – keeping you happy as well as your tenants! You can think of the fees you pay your property manager as part of your overall investment strategy, making your investment work for you rather than you working for your investment.
Click here to learn how Prospect Leasing & Management can help manage your property investment!