Hiring An Arizona Property Management Company Vs. Doing It Yourself
TO HIRE OR NOT TO HIRE AN
â€œARIZONA PROPERTY MANAGEMENT COMPANYâ€?
ThereinHerein Lies The Question;
One of the biggest, challenging decisions you can make as a landlord is whether or not to hire a property management company in Phoenix, Arizona. A good property management company will help you with the myriad responsibilities that come with running rental properties such as dealing with tenants, tenant disputes, finding prospective renters, marketing for those renters, maintenance, repairs collecting rents and handling evictions if need be.
While outsourcing those responsibilities can be a sigh of relief to your business, there are many factors to consider before you hire an Arizona management company. During this article we hope to share many of those considerations with you so that you, the real estate investor, can make the best decision for the future of your investment business.
Can you afford the cut into your profit margin by hiring a property management company in Phoenix, Arizona? With GoRenter.com you can! Like any sound real estate investment the basis of your potential profit is generated when you buy the subject property. So make sure to consider all the numbers including deferred maintenance / repairs, as well as insurance and taxes before you buy. GoRenter.comâ€™s affordable property management fees and clear contracts make it easy for an investor to calculate their total management expenses right up front. Between quality property management services and a good home warranty plan, most landlords will have peace of mind knowing their rental property is taken care of 24/7 by professionals.
Whatâ€™s your time worth? How do you want to spend that time? Do you want to spend it working on your business or working in it? That means do you want to focus your energies finding and generating the opportunity to acquire your next property? Or do you want to spend all the time, energy and effort replacing hot water heaters, fixing leaks, evicting tenants, pursuing late rents all the while trying to stay educated on all the rules, regulations that make you compliant with all state, local & federal laws that come with being both a landlord and a business owner.
That sound heavy I know, but that is meant to impress upon you the advantage of leveraging time when yours is limited. This can be even more important for those of you with both families and full time careers outside of your rental business. Depending on the size of your business handling all the responsibilities of being a landlord can and often will suck up your valuable time from those who need it the most. Your family! Part of the joys of generating passive income is the ability to create more time in you day to day life to do the things that are more important to you. By hiring a property management company like GoRenter.com you are leveraging your time and ensuring your ability to be as productive as possible in this opportunistic market.
Guess what, the greater the distance to your rental property the greater the headache when it comes to responding to the needs of your property. Whether it be maintenance & repairs or responding to tenant complaints, itâ€™s vital that you have the ability to respond quickly. Quickly meaning within 24 hours not 2 weeks. If your rental property is located out-of-the-state in which you live, a good property management company will have access to local contractors for any emergency repairs or even standard maintenance saving you the time & effort of having to assemble a team yourself from out of state.
Even if your property is local to you, how far is it from where you do business? How much time will it take to cut across town to address any issues that may come up? If your hands on, then itâ€™s a great way to work yourself into another full time job in which the business owns you instead of you owning the business.
GoRenter.com has a full-service maintenance / repair team that is on call 24/7. Our focus on customer service and our ability to respond quickly keeps our tenants happy and confident their needs will be met.
We have mentioned maintenance & repairs frequently during this article, but there are also other associated responsibilities that come with running a rental business.
Â· Marketing. Do you have the experience to know what your area market rent should be for your property? Do you know how to market effectively in order to minimize your vacancy rate and maximize your rental income?
Â· Quality tenants. Do you know how to fill your properties with the best qualified candidates? Performing a background check isnâ€™t good enough. How to turn down potential renters while avoiding the appearance of being discriminatory is an important distinction.
Â· Rent collection, tracking deposits and handling evictions
Â· Negotiating rental agreements
Â· Bookkeeping, tracking income & expenses in order to determine profitability
You Donâ€™t Have to be an Employer
If you have portfolio that requires all the above services to actually be handled by an individual or team of professionals, there is an advantage to hiring an Arizona property management company such as GoRenter.com. By utilizing an associated service in your rental business you can deduct those costs on your taxes. You also donâ€™t have the liability of having employees on your payroll. By not having to generate payroll you also donâ€™t have to worry about all the potential tax implications and legal requirements associated with employees.
Bottom line. If you are in a position to hire a property management company do so. It will help you generate more time in your schedule and help to make the most of your rental business.
About The Author Go Renter.
GoRenter.com is an Arizona property management company that specializes in helping local and out-of-state real estate investors find appropriate tenants for their rental homes. We provide full-circle service including a complete maintenance division and 24 hour customer support center. For Renters, we have the largest selection of available rental homes in the Phoenix-Metro area & clear contracts that make renting a home through us easy. So whether you a renter or a landlord, the all new GoRenter.com is the perfect choice for all of your rental / property management needs. Our office line is 602-512-4406.