Being a landlord is no walk in the park. Aside from being hands-on with managing your property, you have to be available to your tenants.
You need to constantly think about maintenance, repairs, upgrades and renovations. You have to conduct marketing to attract the best tenants. Once you have tenants, you need to find ways to serve them better.
These are just a few functions of a landlord.
A professional property management company can help take these tasks off your hands. If you want more time and freedom, hiring a property manager will be convenient for you. Here are ways hiring a property manager can benefit you and your rental property.
A property manager has managed plenty of properties, which means he’s adept at reading market trends. They have come into contact with a range of tenants and resolved various issues and concerns. They have developed their best management practices over time.
A property manager has multiple contacts. These people can range from marketers who will make your property more visible to a network of professional handymen for your property’s maintenance and repairs.
A property manager handles a wide range of properties, which means their resources are vast. The scale of their regular orders makes it so the fees are lesser for certain services. For example, a professional plumber can be expensive if you independently contract his service. But for a property manager who has a long-term professional relationship with the handyman, the cost can be lower. This translates to great savings for the landlord.
If your property is far away from where you reside, the transportation costs can add up. A property manager gives you more time freedom as he has the resources to move around different locations.
If you own a couple of properties, visiting each one regularly can take a toll on your time freedom. Conducting frequent inspections is a necessity if you own a rental property. It also requires juggling tenants, property maintenance and handling paperwork. If you hire a property manager, you can have more time to relax or focus on investment opportunities.
If you’re fully employed or managing other businesses, a property manager can be a timesaver. You can focus more on your career and other entrepreneurial activities requiring your energy.
A property manager is proficient in handling most emergencies. His track record and longevity in the property business means you can trust his methods. He can promptly respond with his pool of resources, ensuring a stress-free process.
A property manager can quickly go over to your rental property during a crisis. He can effectively manage the tenants, conduct repairs right away and alleviate problems requiring prompt action.
Tenants come in various forms, and an experienced property manager can handle their issues, concerns and dilemmas. Excellent customer service on behalf of the landlord is any property manager’s priority as your tenants are the lifeblood of your rental property business.
As a landlord, it can be hard to create boundaries with tenants. You risk becoming too distant or too friendly. A property manager can easily strike a balanced professional relationship. He can reinforce policies as he’s considered your spokesperson.
Because a property manager is hired to oversee your rental unit, focusing on your property is his duty. Anything that requires immediate attention is delegated to him.
A property manager is up-to-date with property laws and can help a landlord avoid legal issues. If you’re a new landlord, a property manager can be a great support system. Any legal disputes or lawsuits will be expensive in the long run. A property manager can walk you through the legal side of your rental property business.
Repairs and routine maintenance are synonymous with owning a rental property. A property manager’s network of professional handymen is beneficial to any landlord. These handymen have worked with the property manager for a long time and are experts in their respective fields.
Financial documentation is vital to your property business. If you have a property manager, he can manage the tax filing for you. This is an advantage for a new landlord as you’ll need to hire an accountant if you do it on your own.
A property manager can help a landlord plan for budget funds. It’s easy to experience losses if you’re just starting a property rental business. You need to budget for emergency repairs, insurance payments and maintenance. A property manager can carefully work with your financial budgets.
In summary, a property manager is there to support and guide you with decisions concerning your rental property business.
Hiring a property manager requires a small budget, but they are equipped to effectively market your property, collect rent and take care of your tenants’ needs. They can conduct routine inspections to divert a potential crisis. Additionally, they can help track the profitability of your rental property business.
If you’re new to the rental property business, hiring a property manager can help you learn the ins and outs of it.
Doing everything on your own may save you a bit of cash in the short-term. However, if you look at the incremental advantages of having a property manager on board, you’ll clearly see the long-term payoff of hiring one.