Most successful rental property owners will tell you that property management services are essential for every landlord. The right property managers can reduce stress for owners, save money, and help retain great tenants. Most property owners also experience more income, shorter vacancy times, and more free time when outsourcing the daily management of rental properties to professionals!
However, not all property managers are the same. So before committing to a property manager that isn’t the right fit for your needs, here's what to look for when choosing the best property management company Tacoma offers.
What Are Your Needs Now?
Property managers should meet your specific needs and help you reach your goals. However, not every landlord needs the same services as other Tacoma property owners. Before hiring a property management company, evaluate your needs and get specific.
- Do you need help keeping up with maintenance and repairs?
- How well does your property marketing strategy work for you?
- Are you struggling to find good tenants?
- Are you dealing with frequent evictions?
- Do you struggle to collect the rent on time?
While many property management companies offer a range of services, it’s important to understand your specific needs to compare services (and quality of services) between companies in the area.
If you need help in multiple areas, a full-service firm can be the best solution for you. With one company, you benefit from tenant screening services, on-time rent collection strategies, maintenance and repair services, and more.
Could Your Needs Change in the Future?
Many successful property investors start with one or two rental properties then grow their portfolios by adding more properties over time. Whether you plan to grow or just hang onto a couple of properties for some extra income, your property management needs today might not be the same as your needs in a year or two.
As your rental property responsibilities change or expand, if you have another career alongside rental ownership, the trade-off of doing your own rental management may come at the expense of disrupting your full-time work to pay your bills. Also, if you’re struggling to have any free time for leisure or your family, you might decide to get that time back by handing the property management responsibilities over to the professionals.
What does a property manager do for you as your needs change? The right property management company should be able to grow and adapt its services to your needs as they change. Remember: a property manager works on your behalf to meet your investment income goals. Choose a partner that listens to your goals and has the resources to adapt along the way to reaching them!
How Much Is Your Time Worth?
If you’re deciding between self-managing your properties or hiring residential property management, it’s also critical to measure how much your time is worth vs. the cost of hiring a property manager. You might not realize how valuable your time is until you spend your free nights and weekends responding to tenants, fixing maintenance issues, or trying to collect past-due rent payments.
When evaluating your time vs. a property manager’s time to handle your rental property, you’ll need to consider the question, "how much do property managers charge?" In addition to the services you need to meet your goals, real estate investors must also evaluate property management costs to find the right partner.
Most people undervalue their time—and not just by a little. Entrepreneurs are typically the worst at this, including going so far as to consider paying someone a small hourly amount as more expensive than the time they lose performing the same tasks. As a good rule of thumb, any investment property owner who values their time below $50/hr is probably does not value their time high enough! More than likely, your time is worth far more than $50 an hour—and in most cases, outsourcing your property management responsibilities is a lower hourly cost than your time spent doing things an expert can do more efficiently and with a better benefit to your bottom line.
When evaluating your property management needs vs. DIY management, don’t undervalue yourself! Property managers are an excellent resource for investors to navigate a better work-life balance, maintain a full-time career, and have plenty of free time (and extra income) to enjoy other activities.
Choose a Tacoma Property Management Firm that Meets Your Needs
When evaluating full-service property management companies in Tacoma, we hope you’ll consider The Joseph Group! With our experience in the area and the industry, we’re an ideal fit for investors looking for help to handle daily property management tasks, boost returns, and enjoy more free time. If you’re ready to learn more about our property management services, reach out soon! We offer everything from rent collection to tenant screening, marketing, maintenance, and more.