If you've owned investment properties for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that residential property management requires a large commitment of time and effort. While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical. If you are considering hiring a residential property management company here are the top 10 reasons to hire a property manager.
- Rent Collections: A professional property management company has systems and strategies in place to improve rent collection and on-time rent payments. You'll find this especially imperative if you have a limited number of properties. Collecting rent payments on time is vital to maintaining your cash flow.
- Knowledge Of Local Rent Rates: While surfing the internet to see what the rental market is in your area is a fine approach to ballpark your rent value, a great property management company will create an detailed market analysis in order to set the best rental price for your property. Keep in mind that the end goal is to set a rental amount which maximized monthly income and maintaining a low vacancy rate.
- Tenant Screening: Property Managers require a detailed written application from each adult. Full background checks are run including credit checks. Employment and previous landlord verification is always done
- Managing Tenants: Property managers work on creating a strong tenant-landord relationship. The property manager will do routine inspections, and manage any repairs needed. If an eviction is needed. A property manager can handle all legality of it.
- Advertising and Promoting Your Property: Through long experience, a property administrator will know precisely where to market your property and will have a lengthy database of potential tenants.
- Strong Vendor Relationships: Property managers have relationships with contractors, tradesmen, builders, suppliers, and that is almost impossible for a landlord to have. A property manager will get you the best work for the best price and oversee the repair/project from start to finish.
- Compliance with Housing and Law Regulations: There are a huge number of laws and regulations to keep when leasing and keeping up with your rentable house. A property manger can help you keep away from lawsuits by keeping your property with the latest and in consistence with these regulations.
- Opportunity to Invest in Different Areas: If you manage your own properties, you're virtually constrained to investment opportunities within an area. By hiring a property manager you have the ability to expand your portfolio of investment properties within different areas and maybe even different cities.
- Emergency Calls: Property Managers will shield you from the multiple calls from tenants that can occur at anytime day or night. They’re always the first responders, protecting you from having to worry about being available for maintenance emergencies.
- Peace of Mind: Hire an expert property management company and you can be sure your property/properties and tenant will be in good hands. If you currently have a property manager and they are not providing these benefits to you. Consider Giving Us A Call.
