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Here are three reasons why property management is essential.
Is property management essential? In my opinion, the answer is a resounding yes, and there are three main reasons why:
1. Property ownership comes with tons of laws and regulations. Without property management, it’s easy to accidentally step outside of the law. Eventually, you’ll have to learn every obscure law on the books just to avoid fines and liability. If you hire a property management company, you don’t have to worry about any of that.
2. Rental properties involve large cash flows. If you have a rental property that rents for $2,000 a month, you’ll bring in $24,000 a year. If you have 10 such properties, now you’re bringing in $240,000 a year. That’s a ton of money to go unregulated. With a property management company, you can be sure that every penny is accounted for.
Without property management, it’s easy to accidentally step outside of the law.
3. Property management is emotional. For your tenants, where they live isn’t a business; it’s a home. Emotions will get involved—it’s inevitable. A property management company will act as a third party to make sure your interests are protected without getting emotions involved.
If you have questions about today’s topic or anything else, please call or email me. I am always willing to help!