For many rental property owners, a common question that they ask is if they need to hire a property management company for a single rental property. The answer from property managers and rental property owners alike is a resounding “Yes.” The fact is that a professional property management service can be a real asset and the services offered are likely much more complex than you might imagine.

Property management companies do much more than simply collecting rent checks and fixing broken appliances – their real value lies in risk mitigation, which should be your top priority when renting out a property. For example, Simply Residential signs the lease with the tenant, taking on some of that risk and allowing our owners to remain anonymous to our tenants. We also offer protection services like our Eviction Protection Plan and our Quarterly Furnace Filter Change and Lease Violation Walk-Through. These services protect our clients from the dangers of evicting a tenant, and help us identify any problems with their property before they become full blown emergencies. This also allows us to provide an efficient and regimented way to ensure that our properties are fully protected.

Choosing a property manager for a single rental property, or even for multiple rental properties, can be a challenge for first timers. The key to this choice lies in knowing what you want and need from a property management company. Some of the specific services you should look for are:

  • Finding high quality tenants.
  • Determining how to advertise your rental property.
  • Screening all tenants, including background checks and credit reports.
  • Drafting legal leases that will hold up in court.
  • Collecting evidence and documentation to reduce chances that property owners will have to pay for tenant caused damages.
  • Maintenance of the rental property.
  • Handling tenants who don’t pay.
  • Evicting tenants without violating their rights.

While property owners can complete their own research and learn how to do the things listed above, this is an extremely time consuming and legally convoluted process that can often land owners in a difficult situation, especially when evictions are a factor.

A knowledgeable property management service can also ensure that rental property owners understand legislation changes and how it will affect them, as well as their tenants. This can be extremely complicated and difficult to understand, and keeping up with the changes requires dedication and time. However, when you hire a property management service, they will know what the legislation means and ensure that you, and your property, meet all new or changed requirements.

One of the most important services offered by a property manager is the ability to respond to emergency situations in a timely manner. This will prevent property owners from having to halt their day – or night – in order to handle a tenant issue or emergency.

Hiring a property manager can eliminate the possibility of your rental property turning into one of the horror stories you have likely heard. In fact, a reputable property manager will handle all aspects of managing and maintaining your property. If you have questions, we’re happy to help. Call us today at 952-831-5300 or email me!

[Photo credit: Rental Realities on Flickr]

15 thoughts on “Why Hiring a Property Management Company for a Single Rental Property is a Good Idea

  1. It is very interesting how vital hiring a property manager for just a single rental property is. We have a 2nd home that we are trying to rent to others and we didn’t think we would need property management. After reading all the things they can help us out with like finding high quality tenants I’m convinced we need one ASAP. Thank you for letting us know all the benefits of hiring a property manager!

    • Thanks for reading Grace! Some owners like to tackle maintenance themselves. But for those who don’t have the expertise, the time or the energy, a property management company can provide a great partnership.

  2. Finding a good property management company can be really difficult for first time property leasers, so it’s nice to see the article give some tips on what to keep an eye out for. I definitely agree that finding a company that offers tenant screenings and credit checks is incredibly important. If you’re going to rent the property out, you want people living there that will respect it; a company that checks on those things for you ahead of time is a great one to work with.

    • Finding a first-time property management company can be intimidating. We hope those tips help those potential property leasers. Thanks for commenting Simon!

  3. I think that it is awesome that a property management company can alleviate some of the risks involved with rental properties. I also did not know that property management companies could do so much! I always thought they just made sure that the property was up to code.

    • Thanks for the comment Wade. Owning an investment property seems much easier when a property management partner handles issues involving tenants, maintenance and so much more!

  4. Who would have known that hiring property management services could be so helpful. I really like how you explained that “One of the most important services offered by a property manager is the ability to respond to emergency situations in a timely manner. This will prevent property owners from having to halt their day – or night – in order to handle a tenant issue or emergency.” I do not have rental property but I can imagine how helpful property management services can be if you do have property since they will handle any emergencies with the home and tenant.

    • Thanks for the comment. We pride ourselves on responding to tenant emergencies as quickly as possible. Our maintenance coverage is 24/7, 365 days a year and very appreciated by our property owner clients and tenants.

  5. I have a cousin that manages several properties and she recently decided to hire a property manager. She has loved it! She said one of the biggest benefits of doing it is that the property manager is the one responsible for emergency situations and the maintenance. It has taken a big load off her shoulders and she feels that it is worth the price to get one.

    • Thank you, Erika, for speaking to the benefits of property management. Having maintenance covered 24/7 relieves homeowners of day-to-day emergencies; our owners and tenants appreciate the response and service provided.

  6. This is some great information, and I appreciate your point that property managers can find high quality tenants. My husband and I are going to be moving in a few months, and we’ve decided that we want to rent our house instead of selling it. Neither of us have any experience with this kind of thing, so I’d worry that we wouldn’t be able to find good tenants. We’ll definitely look into hiring a property manager so they can use their experience to do that for us. Thanks for the great post!

  7. I appreciate this information about the benefits of hiring a property management company. It is good to learn these companies can help to find high quality tenants. This would be beneficial in keeping the property in good condition for a long period of time.

  8. Thanks for pointing out the advantages of hiring a property management company for your single rental property. You make a great point about how working with a professional property management is a great asset. I like that you explain how they do so much more than collect rent and take care of broken appliances. I would want someone who is experienced to be able to monitor my property so I wouldn’t have to worry about it.

  9. I appreciate your comment about how you should look into a property manager for any type of property. I like how you said that they are very useful for single rentals. My husband and I are looking for a property manager that would do a good job managing our small apartment.

  10. This was really educational. My husband and I have been considering on hiring a property manager. I wasn’t sure since collecting rent and fixing broken appliances are things my husband and I could probably take care of. However, hiring a property manager sounds like an excellent idea once you mentioned risk mitigation.

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