The short answer is yes, property management companies can and often do manage single residential properties. While many people associate property management firms with large apartment complexes or multiple properties, these companies are equally capable of handling individual homes, condos, or townhouses.
Benefits of Using a Property Manager for a Single Property
There are several advantages to hiring a property management company even if you only have one rental property:
- Expertise and Experience: Property managers bring professional knowledge of local rental markets, laws, and best practices.
- Time-Saving: They handle time-consuming tasks like tenant screening, rent collection, and maintenance coordination.
- Legal Compliance: Property managers stay up-to-date with landlord-tenant laws and fair housing regulations.
- Maintenance Management: They have established relationships with vendors and can handle repairs efficiently.
- Tenant Relations: Professional managers can maintain a healthy distance in landlord-tenant relationships, potentially reducing conflicts.
Services Offered for Single Properties
When managing a single residential property, a property management company typically offers services such as:
- Marketing the property and finding tenants
- Screening potential tenants
- Handling lease agreements
- Collecting rent
- Addressing maintenance and repair issues
- Conducting regular property inspections
- Managing finances and providing financial reports
Cost Considerations
While hiring a property manager for a single property does come with costs, many landlords find the investment worthwhile. Fees typically range from 7-10% of the monthly rent, with additional charges for services like tenant placement. However, the time saved and potential for increased profitability can offset these costs for many property owners.
When to Consider Property Management for a Single Home
You might want to consider hiring a property manager for your single residential property if:
- You live far from your rental property
- You have limited time to devote to property management tasks
- You’re not interested in hands-on management
- You own a high-end or luxury property requiring specialized care
- You’re new to being a landlord and want professional guidance
Conclusion
While it’s certainly possible to self-manage a single rental property, many landlords find that professional property management offers valuable benefits, even for just one home. By leveraging their expertise, resources, and established systems, property management companies can help ensure your single residential property is well-maintained, legally compliant, and financially successful.
Remember, the decision to hire a property manager should be based on your individual circumstances, including your time availability, distance from the property, and personal preferences in handling landlord responsibilities.