Hiring a property management company can completely change how you do business if you are in the business of renting properties to tenants. You primarily have two choices when you determine this is the kind of third-party assistance you need: on and off-site property management. To understand which will work for you, check out some of the differences between the two.
On-site property management companies usually have a physical office.
One of the big advantages of working with an on-site property management company is they will either have or set up an actual office near your properties for rent. This will grant tenants access to actual people when they need face-to-face interaction. For instance, if a tenant is needing to stop in and explain an issue they are having with their rented unit, they will have a place to go to do that. Rent can be dropped off at the office, interested renters can stop in to find out what is available or ask about lease terms, and there will be someone available at most times of the day.
Off-site property managers will delegate tasks to other contractors.
Even though off-site companies are capable of handling incoming calls about property problems, they are not always located within the same area as the properties for rent. This means, when a tenant calls in with an issue that they need to have tended to, the off-site managers will typically reach out to contractors in the area who can help. On-site property management companies tend to have their own employed professionals to handle certain things, such as plumbing repairs or HVAC maintenance.
On-site property management companies handle property showings.
If you go with an on-site company to handle the property, they will handle showing vacant properties to interested parties when a unit is available for rent. If you work with an off-site company, this is one part of your operation that will likely be left to you to handle.
Off-site property management companies tend to offer around-the-clock assistance.
Because off-site companies operate primarily by phone and internet, there is usually someone available at all times of the day or night. If a tenant has an emergency issue in the middle of the night, for example, they can call and talk to someone who can get them the help they need. On-site operations tend to stick to general business hours but may have after-hours communications measures in place.