Hiring a property manager to maintain your rental properties can be very beneficial. Check out this guide to learn about the top benefits.
If you own property, renting it out is a great way to earn extra income. Many real estate investors rent properties as a full-time job and make a fortune.
However, being a landlord requires a lot of work. It’s your responsibility to ensure your property remains in good condition and that your tenants have everything they need, explains Cressman Management. If you start falling behind on these responsibilities, you could run into a number of problems.
A great way to avoid this is by hiring a property manager to take over. These professionals can work to maintain your rental properties so you don’t have to.
Keep reading to learn the many ways that working with a property management company can benefit you.
Tenant Screening
As a property owner, it’s risky to rent to someone without a proper screening process. This can lead to a number of issues including failure to pay rent on time and damage to your property.
Performing criminal background checks, income verification, and credit checks all require procedural knowledge and the right tools. This is a time-consuming process, and if you have a large number of applicants, it can get overwhelming.
The great thing about a property management company is they have all the resources required to screen each potential tenant. They also have the experience necessary to streamline the process so every possible tenant gets consideration.
A questionable tenant can keep you up at night with worry. Knowing your tenants are responsible and financially stable will give you peace of mind, and that goes a long way.
Avoid Long Periods of Vacancy
Keeping tenants in your property is crucial if you plan on making a living as a landlord. This is easier said than done, but a property manager can provide solutions.
First, they’ll let you know exactly what renovations will make your property more attractive. There’s a good chance you can make a few improvements that will pique a new renter’s interest quickly.
It’s also important to set an appropriate rental rate. Asking too much will scare potential renters away. A management company can evaluate your property and others in the area to determine what you should charge.
Finally, a property management company will take care of the marketing for your property. They have connections with online advertising resources and can get great deals on posting listings. This ensures you don’t see long periods of vacancy in between tenants.
Rent Collection Service
Handling rent collection is an ongoing process. This can be a touchy matter for landlords. It’s important your tenant pay rent on time, but if problems arise, you may not want to be the bad guy.
Think of a property manager as a buffer between you and your tenants. You set the rules and they enforce them. This keeps everything on an even keel.
A property management company has the resources needed to collect rent in a way that’s convenient for you and your tenants. Today, most companies provide an online payment portal.
Using property management services also means you don’t have to deal with evictions. There are laws surrounding the eviction process, and it’s the job of management companies to have an intimate knowledge of them. This helps avoid messy legal issues between you and a tenant.
Higher Tenant Retention Rates
We discussed cutting down on vacancy time in your property. An even better situation is keeping current tenants renting for longer. This is where a property management business is invaluable.
Management companies work hard to keep tenants happy. This involves resolving maintenance issues, ensuring landscaping is cared for, and answering any questions regarding the lease or property. Doing this yourself takes time and money.
Think about the things that must happen when a tenant moves out. Cleaning service, repairs, and new carpeting are all costly. Also, you’ll need to advertise your vacant property and go through the application process for new tenants.
Instead, find a good property management company in your area that has a proven track record of high tenant retention rates.
Personal Freedom
One of the biggest advantages of hiring a property manager is the freedom to do what you want. For many landlords, this is a necessity.
If you own one or two properties, let a management company handle them both. You can then live where you want, travel, and have the life you’ve always wanted.
If you invest in real estate as a full-time job, a management company allows you to focus on your future projects. You can’t do this if you’re dealing with day-to-day issues involving tenants.
Regardless of your situation, you’ll have much less stress in your life. All you’ll need to do is communicate with your property manager from time to time. This is much better than dealing with emergency maintenance issues, chasing down rent, and getting buried underneath paperwork.
Increase the Value of Your Property
That’s right – hiring a property management company can help preserve and increase the value of your property.
They do this by keeping tabs on the condition of your unit so you can make repairs early on. This ensures your property doesn’t deteriorate over time.
A management company can advise you on what type of preventative maintenance you should perform. Then, they can hire the right contractor to get it done.
Furthermore, they can keep documentation regarding repairs, create a maintenance schedule, and even perform inspections. All this helps ensure your property remains in good shape.
When you work with a management service, ask them for feedback regarding the upgrades you should consider. Remember, these are real estate professionals who know what tenants desire out of properties in your area. Taking their advice will result in an increase in the value of your investment.
Think About Hiring a Property Manager Today
If you’re constantly trying to keep up with the demands that come with owning rental properties, a solution is a phone call away. Find a reputable property management company in your area and pass the work off to them.
When hiring a property manager, make sure they have a good track record for keeping tenants happy. This means you get to be a successful landlord without lifting a finger.
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