Domain Property Management Blog

Why Hire a Property Manager to Manage Your Single Condo or Townhome?

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If you are looking to rent out a single condo or townhome, your first impulse may not be to find a reputable property management company in your area. After all, being a landlord for only one unit may not seem like a difficult task. However, a professional property manager may be more valuable than you think.

Here are just a few reasons to consider outsourcing the management of your single condo or townhome to a property management company:

Property Management Companies Help You Get Quality Tenants

Listing your condo or townhome can be a challenge if you do not know how to list to attract not only the tenants but to attract tenants who are reliable. Choosing the right tenants from the applications that you receive is even harder.


Crafting and Placing the Perfect Listing

Finding the right place to list can be a challenge if you do not know much about the rental market. On your own, you will spend hundreds of hours trying to find the place to list, which is extreme.

When you work with a property management company, they'll take care of your listing for you. From getting professional photos to crafting the perfect description that highlights the amenities and features your condo or townhome has that your renters want, they'll start by creating a polished listing. Then, they'll put their experience and resources to work placing your listing where it will reach the highest number of quality tenants.

On your own, you would likely need to shell out the big bucks to land your listing on top sites. That means losing out on valuable profits before you've even filled your vacant condo or townhome. But because property management companies list countless properties every month, they enjoy bulk discounts that they can pass onto their property owners. The result is that your listing lands in front of more eyes, and reaches the potential renters that will love your home or apartment.

Screening Tenants (Including the Four-Legged Ones)

Once the applications start pouring in, your property management company will step in again to handle the screening process. They'll handle running background checks, credit checks, past landlord references, and more. Choosing to allow pets in your rentals? Your property manager can help you screen them, too.


Property Management Companies Help Keep Your Properties in Top Shape

Keeping even a single condo or townhome in top shape can be a challenge. Before you rent out your property, it might need repairs or renovation to bring it up to speed with similar properties in your area. Otherwise, you might not be able to command top rent for your property.

Once a tenant moves in, you might find yourself facing a 3 a.m. phone call when the hot water goes out or a pipe springs a leak. Not only will you need to get to the property to stop the leak, but you'll also need to find a vendor capable of repairing it properly. When your tenant moves out, the process starts all over again. The longer it takes you to make any necessary repairs and renovations, the longer your property stays vacant.

Whether you're working a full-time job while also managing your rental properties or not, that's a lot to handle. But when you choose to hire a property management company, none of these repairs, maintenance, or make-ready tasks fall on your shoulders. From the 3 a.m. emergency call to managing contractors and other vendors, your property manager will make sure that your property is kept in top shape around the clock so that you don't have to.

Property Management Companies Help You Grow Your Investment

One of the most important reasons to hire a property manager for your single condo or townhome is the chance to continue to grow your investment portfolio.

Your property manager will keep your properties in top shape, which means less money spent on emergency repairs and renovations. They'll screen your tenants to avoid nightmare damage and to make sure that you can command top rent for your condos or townhomes. And, they'll handle all of the heavy lifting for you, allowing you to focus your time and energy on your full-time job; or, perhaps, on searching for your next Chicago investment property to purchase.

Hiring a property management company for your single condo or townhome is a great way to reduce your workload and ensure that your properties are always in top shape, with the best tenants filling your vacancies. But choosing the right property manager for the job is also important. If you're looking for the best property management services in your area, check out our services today.

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