Is Full-Service Property Management Worth It? Pros, Cons & Costs

When property owners acquire their first property, they tend to think there isn’t much to managing it. Clean it up and get a tenant in there. But, over time, and as they grow their portfolio, they realize the time and headache it takes to manage a property well.

When a landlord or property owner comes to that realization, they begin to call and research professional full-service property managers. So, what exactly is a full-service property manager and what do they do?

Property managers offer numerous services, beginning with marketing and advertising. A full-service property manager will list your property on several platforms, handle inquiries of potential tenants, and schedule virtual or in-person tours.

Once one or several potential tenants have an interest in your property, they must be vetted. This requires a thorough tenant screening, including a background check, credit check, rental and eviction history, and employment verifications. While this can be time-consuming, it is one of the most critical steps to ensure your property and income are protected from unnecessary risks. A full-service property management company that has experience in vetting tenants can save you thousands of dollars and the headache of evictions and extensive repairs.

Next, a property manager takes care of any necessary repairs. As a property owner, you can expect maintenance needs since tenants won’t always treat your property as you would. Repairs are often required between tenant turnovers, and maintenance issues can arise while the property is occupied. A property manager not only coordinates repairs efficiently but also has a network of trusted, vetted contractors available for any job—big or small.

Regular inspections should also be performed. A full-service property manager should schedule an inspection mid-way through the lease period, at least every 6 months, to ensure smoke detectors and carbon monoxide detectors are working and that no major issues are starting to brew. They also change the air filters to keep your HVAC system running as efficiently as possible to ensure your system has a lengthy life. This inspection also allows the property manager to verify that your tenant is taking care of the property and can address any concerns, such as bug infestations, untidy conditions, or additional tenants who aren’t listed on the lease.

Finally, hiring a property manager relieves the burden from you to know local, state, and federal laws. Laws vary greatly and can change annually, but hiring a professional management company means you don’t have to study these changes. You’ll rest assured you comply.

Is it worth it to you to have peace of mind? If so, contact us today.

If you have questions or would like to discuss property management services for your investment property, give us a call at 443.252.3385 or email us at info@bluedoor-pm.com today!