Investors, if you have owned rental property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time and effort. (Time is money.)
While it may make sense to take the DIY (do-it-yourself) approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. Here are some critical tasks a property manager can help you with:
- Setting the right rental rates.
- Marketing and advertising your rental.
- Finding the right tenants.
- Managing tenants.
- Managing vendor relationships.
- Ensuring that you’re in compliance with housing regulations and property laws.
- Enabling you to invest in geographically distant properties.
- Maximizing the profitability of your time.
- Maximizing the profitability of your money.
@Antonio Gipson - Turn this into a blog post. I don't see a question. I'm glad you said "professional" property management, because there are many bad property managers out there who do not fit your description. The second to last bullet is probably the best argument for usage of professional PM.