If you own single-family rentals or condos in Fairfax County, then you may be considering whether or not you should hire a property management Fairfax VA company.
If you find that you’re spending too much of your time finding new tenants, dealing with property maintenance and collecting rent, then a property management company could be just the thing you need.
The best part about using a property management company is that they can help you to increase your rental income by purchasing and renting out more properties than you could have managed on your own. Of course, having more free time is a great benefit as well!
If having more time and more money sounds appealing, then here are some factors to consider before hiring property management Fairfax VA:
- You will need to pay a portion of your revenue to the property manager. Property management companies take approximately 6-12% of monthly rental income.
- Be sure to consider the cost of property management when pricing the rents of your units.
- Remember that by using a property management company, you will save on both gasoline and vehicle wear and tear.
- A good property manager will be used to dealing with tenants who are late on rent or minor annoying issues that come up and will have solutions on hand to solve these issues for you.
- A good property management company can also help you to expand, and the sooner you hire one, the more time you will have to focus on finding your next new property.
- If you have many properties, then you have more leverage to negotiate a low rate with the management company.
- Hiring a property management company can make it easier for you to travel out of town, go on vacation, or relocate fully to a new area.
- If you are happy with the number of properties you own, but want to use your time to start another kind of business, enter a new career field or even go back to school, then using a property management firm can be a great way to reach your goals.
However, there are some reasons why you may not want to engage a company for property management Fairfax VA:
- You need to personally visit your buildings and tenants frequently or else it makes you anxious. If you are very controlling, then this may not be the best fit for you.
- Your units need major repairs. In this case, it would be better to work on upgrading your properties before engaging a professional property manager. Major repairs requiring large investment amounts will be out of their scope of service anyway.
- You only own one or two units and have no plans to expand. In this case, it could go either way. Even people with just one unit could use a property manager, but the need may be less intense.
- Your margins are too thin to afford it. Again, this could go either way since your time might be worth the extra money to you. It all depends on what else you plan to use it for.
By engaging a company that provides property management Fairfax VA landlords can benefit from their increased free time, reduced stress over rent and repairs, increased income by purchasing and renting out new units far quicker than is possible on your own, and the ability to leave town as needed. However, you may not be ready for a property management company if you have a very strong need to control and personally attend to all the details of managing your rentals, or if you are content with just one rental, or if your margins are just too fine to make the numbers work. For those who are in a position to realize them, the benefits of engaging a property management company in terms of time and money can be quite rewarding.