Why It's Worth It to Hire a Property Management Company in El Paso: Costs, Services, and Long-Term Savings

If you own an investment property in El Paso, TX, managing your rental property could seem like a fantastic method to save money. Taking care of a rental property, on the other hand, comes with a lot of duties that can be stressful and take a lot of time. And if it isn't handled correctly, it may potentially cost a lot. This is where a business that manages residential properties may truly help.

In this article, we'll talk about the average costs of hiring a property manager, the services they offer, and how hiring a property management company can save you money over time compared to managing your own property.

What does a company that manages property do?

They handle all the day to day operations that are required to manage your property well. Here are the primary services they offer, from finding and screening renters to doing repairs and collecting rent:

1. Finding and screening tenants

A property manager will market your rental property and make sure it gets to the correct people. They will do extensive tenant screenings, which will include:

- Background checks to make sure that tenants don't have any criminal records.

- Checking their credit, job history, and income to see if they can pay rent.

- Checking their rental history to be sure they have a good reputation with past landlords.

This comprehensive screening process lowers the chances of late payments, property damage, or tenant disputes, all of which can cost you money over time.

2. Collecting rent and making sure it gets paid

One of the hardest challenges of maintaining your own rental property is getting the rent on time. Property managers make sure that rent is paid on time and take care of any problems that come up with late payments. If a tenant doesn't pay, they will send them formal notices and initiate the eviction procedure if necessary. This will take the stress off of you when you have to deal with these circumstances.

3. Fixing and keeping up with the property

It's important to keep things up. A property management business makes sure your property stays in fantastic shape by mending leaky faucets and taking care of other urgent repair needs. They have a network of trustworthy contractors and maintenance teams, which helps keep repair costs down because they have built relationships with them. Also, they make sure that repairs are done swiftly so that small problems don't turn into big ones.

4. Following the law and lease agreements

It might be hard to understand the laws about rental properties, especially in Texas. A property manager keeps up with the rental laws in your area, including those in El Paso, and ensures your property is in compliance with them. They also write up precise lease agreements that protect both you and your tenants, which lowers the possibility of legal problems.

5. Dealing with tenants and resolving conflicts

Your tenants can talk to a property manager about complaints, questions, and problems. A property manager can keep tenants for a long time and minimize turnover rates by handling tenant relations in a professional way.

6. Reporting and Accounting

Property managers send out frequent financial reports that show how much money the property makes, how much it costs, and any repairs that have been completed. These reports help you understand how your investment is doing and makes it easier to file your taxes.

What you might expect to pay to hire a property management company in El Paso:

Usually, the cost of hiring a property management business in El Paso is a percentage of the rent you get each month. This is what you may expect:

Management fees are usually between 8% and 12% of the monthly rent. If, for instance, your house rents for $1,000 a month, you might pay between $80 and $120 a month for management services.

Leasing Fees: Property managers may charge a fee to offset the costs of finding and screening new renters. Most of the time, this cost is between 50% and 100% of one month's rent.

Fees for Maintenance and Repairs: You normally have to pay for repairs and maintenance, however property management companies may charge a nominal fee for managing repairs or an administrative fee for receiving maintenance requests.

Other Fees: Some businesses may charge for things like evictions, renewing a lease, or other office work. Make sure to discuss all possible costs ahead of time.

We only charge three fees at Haggerty Company Property Management:

50% fee of one month’s rent - ONE TIME FEE

10% of monthly rent collected - We Only Get Paid If You Do

$75 per tenant inspection performed twice yearly

Why do you need a property manager?

You might wonder why you should pay for property management services when you could do it yourself. Self-management may sound good, but you should think about the long-term benefits of hiring a professional property manager. Here's why you should spend the money:

1. Save time and stress

It takes time to take care of a property. You need to advertise your rental, set up viewings with potential renters, check their references, collect rent, and fix things that break. You may spend more time on other investments or activities that are important to you when you hire a property management business.

2. Knowledge and Experience

A property manager has a lot of useful experience, especially when it comes to screening tenants, following the law, and knowing the market. They know what a reasonable rent is, how to settle disagreements between tenants, and how to keep your property in great shape. Their experience helps avoid making mistakes that could cost you money.

3. Fewer empty units and better tenants

Property managers are good at advertising homes and swiftly locating good tenants. They can help cut down on vacancy times and find reputable, long-term tenants with their knowledge. You can count on a stable income and fewer surprises if you have fewer vacancies and reliable tenants.

4. Better upkeep and lower costs

You don't want to spend time searching for a trustworthy contractor when something breaks. A property management company knows reliable maintenance workers and can sometimes get better prices for repairs. They also check things out on a regular basis to find little problems before they get worse.

5. Navigating the various laws and regulations

Property managers make sure you follow all local and federal laws, such as those about tenant rights, eviction procedures, and safety codes. If you don't follow these rules, you could have to pay a lot of money in penalties or lawsuits. When you hire a professional, you minimize the chance of getting into legal trouble that could cost you money or hurt your reputation as a landlord.

Here's how hiring a property manager can save you money in the long run:

Less Time Without Tenants: A good property management company can help keep your rental property occupied for longer, which means you avoid loss on empty units.

Lower Costs for Repairs and Maintenance: Property managers frequently get better deals from contractors, and they can stop expensive repairs from happening later by doing maintenance quickly and performing routine inspections. 

Professional rent collecting: Property managers make it less likely that you'll get late payments or no payments at all, which keeps your rental income steady.

Avoiding Legal Costs: Property managers help you avoid expensive litigation or fines by making sure you follow all the rules.

Property owners in El Paso who want to save time, lower their stress levels, and make sure their rental properties are well-kept and obey the law should hire a property management company. Long-term benefits like fewer vacant units, better tenants, lower maintenance expenses, and legal protection will save you money and improve your overall return on your investment.

Make your investment property journey easier by turning to the Haggerty Company for your property management needs. 

Get in touch today. (915) 757-3445 www.haggertyrentals.com