Real Estate Investment 101: Getting Started

Three Benefits Property Management Services Offer That Property Management Software Doesn't

If you own rental property, you may be torn between hiring a property management company to handle the renting and maintenance process or using property management software. Property management software helps you draw up legally binding rental agreements, screen tenants, provide online payment options for tenants and keep track of what houses need what maintenance and when. However, while there are many benefits to using property management software, the software can't do as much to help you as a property management service can. Here are three benefits that a property management service offers that software doesn't. 

Pricing Your Rental

Property management software can do a lot. But it cannot accurately price out all of the rental homes in your neighborhood and compare comps to determine how much the rental price should be for your home. And unfortunately, trying to do this all on your own can be challenging as well. A property management company follows rental homes in your area and knows what similar homes have rented for recently. This helps to ensure your home is priced fairly so it rents quickly and for a reasonable amount of money. 

Handling In-Person Appointments

Another benefit to hiring a property management service is that they can handle all of the in-person appointments that take place. Software can help you to screen tenants, but it cannot show the home off for you. And software can tell you when a roof inspection is needed for your home or your air conditioning maintenance is due. But you still have to be there to meet the contractor. A property management company handles these in-person appointments for you, so you can live your life. 

Dealing With Evictions

The last benefit to hiring a property management service is that they can handle the eviction process. Property management software may provide you with the forms you need to file eviction against a tenant who is not paying. But you still have to fill them out correctly, file them with the courts and serve them on the tenant. A property management can handle the process on your behalf, helping you to get a non-paying tenant out as quickly as legally possible. 

If you own rental property, trying to decide whether to handle it yourself or leave it in the hands of a property manager is a big decision. Property management software can be beneficial if you decide to do it alone, but it cannot provide you with as many benefits as an actual property management service does. If you don't have the time or knowledge to price your rental, handle in-person appointments or deal with the eviction process, a property manager may be the best option for you.