Your rental property was a great investment, and you want to earn extra income with it. So why does it seem like so much trouble? You need a property manager. Hiring a professional with property management experience is the best thing you can do to get the most benefit from your rental properties, even if you are a real estate professional yourself. Counting down, here are the top five reasons you need to hire a property manager.
5. A Property Manager Handles Repairs
When you own a rental property, your tenants call you for any number of repair or maintenance issues. Sometimes they call in the middle of the night, even if there is nothing you can do to handle the situation right then. With a property manager, those worries are not yours. Your manager will get the
call. Also, hiring an experienced property manager ensures they have a network of contractors and repair professionals to handle repairs and maintenance economically and efficiently.
4. A Property Manager Knows the Legal Stuff
Keeping up with the appropriate laws and regulations regarding housing is hard. When you hire a property manager, you don’t have to be the one to ensure that everything is being handled “by the book.” He or she is familiar with the applicable laws and will handle situations with tenants effectively before they become legal issues. If a situation gets worse, your property manager knows how to legally handle an eviction. You don’t have to research the correct procedures and deal with the messy result.
3. A Property Manager Shows the Home
Whether your property is new to the rental market or your tenants are relocating, showing a property takes time. It takes a lot of time, in fact. Your property manager will take the time to show the property to prospective tenants, freeing up your time for other activities and responsibilities.
2. A Property Manager Screens Tenants
Every landlord has the same fear: terrible tenants. Sometimes there is no way to foresee what will happen with a tenant, but a skilled property manager knows the red flags. Screening tenants takes time and resources. Many resources would be cost prohibitive to get an accurate background on tenants for someone who owns a single or a few properties. Professional managers, though, can access many resources to get a most comprehensive background on a potential tenant, allowing for the best selection for your property. Rely on your property manager to find you the best tenant quickly, which will also decrease your vacancy time. Your property manager can also work to identify quality tenants for long-term rental effectively.
1. A Property Manager Increases Your Revenue
The best property manager for you will offer a variety of skills and services. All of those skills and services should point to one main goal for you: increased revenue. Your manager will be sure your property is priced competitively. He or she should also be skilled in marketing the property at the appropriate time (as soon as notice of vacancy is given) and on the right venues.
One of the most effective ways your manager will increase revenue is by collecting rent on time every month. When it is not on time, your property manager should collect late fees and other penalties, as appropriate.
In conclusion, your ideal property manager will take the headaches out of rental property investment, while allowing you to enjoy the benefits. Allowing you to enjoy the revenue without the stress and time commitment is a valuable aspect of retaining a property manager.