The Cost of Not Hiring a Property Management Company: Why Professional Property Management is Worth It

If you enjoy most Evanston property owners with one or more single-family rental homes, you do whatever you can to keep costs down. So, when it comes to paying for professional property management, you might wonder whether it’s worth it. Certainly, the best way to answer that question is to consider the cost of not hiring a property management company. For many busy investment property owners, the cost of hiring a property management company pales in comparison to what you probably pay if you didn’t use one. Let’s take a closer look at why paying for professional Evanston property management can save you both time and money!

Time is Money

The first and most obvious excuse to hire a property management company is to save you time. If you’re like most people, your time is probably already stretched pretty thin. But can quickly become overwhelming if you’re trying to manage your rental properties on top of everything else. A good property management company can take care of all the little details so you can focus on the most important things.

Property Upkeep and Maintenance

Another crucial factor is the cost of property upkeep and maintenance. As you know, there are several repairs and maintenance tasks that you are legally required to perform. Plus, properties must be inspected regularly to ensure that tenants are keeping up with their cleaning and maintenance responsibilities. If you don’t have the time or expertise to do inspections, repairs, and maintenance yourself, you’ll need to hire someone who does. But who? Finding reliable service techs for everything your property needs takes time – a lot of it! A property management company like Real Property Management Chicago Group can take care of all the necessary repairs and maintenance for you, so you don’t have to worry about it.

Tenant Management

Another big cost of being a landlord is tenant management. From screening potential tenants and conducting background checks to collecting rent and handling maintenance requests, there’s a lot that goes into being a good landlord. Good tenant relations can help reduce vacancies by keeping tenants longer and reducing lost rental income. It can also help you save money on repairs if you encourage your tenants to report maintenance issues when they are small and take care of them immediately. But if you don’t have the time or patience to deal with tenants, you may want to consider hiring a property management company to do it for you.

Fair Housing

Last but not least, there’s the cost of fair housing compliance. As a landlord, you must comply with all local, state, and federal fair housing laws. This involves providing reasonable accommodations for tenants with disabilities and not discriminating against potential or current tenants based on race, color, religion, national origin, sex, familial status, or disability. If you’re unfamiliar with fair housing laws, you can easily find yourself in violation – as well as facing pretty hefty fines! A property management company can help make sure that you always comply with fair housing regulations.

 

You see, there are numerous reasons to hire a property management company. While a cost is associated with doing so, the benefits far outweigh the cost – especially when considering all the time and money you’ll save! Contact us online today to learn more about our quality services if you’re ready to take your rental property business to the next level. We’ll be pleased to answer any questions and help you get started!