If you have invested in property, the chances are you want to make some money from it. However, not everyone is able to manage a property. Life, work, and commitments can get in the way. So how can you maximize the profit from your investments as well as maintain and increase the value of your properties?
There are many reasons why a landlord should hire a professional property manager. It can often be an agonizing decision. And it will ultimately depend on your own needs, level of commitment, and expectations. If you want to hire a property manager, it’s all about the numbers, and getting estimates.
What Does A Property Manager Do?
A property manager will interact directly, on your behalf, with applicants and tenants. They can advertise and market your rentals, as well as meet prospective tenants, and advertise your rentals. And they will also collect rent on your behalf, out the money in your accounts and co-ordinate your repair issues. They are also the first line of defense if you have complaints about your property or properties, and will help you if you have to deal with an eviction or face getting sued.
Here is our guide as to how a property manager can really help ease the burden of looking after your real estate assets.
Property Managers Serve As a Buffer Between Owners and Tenants
When you use a property management company, a property owner you can keep a professional distance from your tenants. If you get too personally involved, then you may be too lenient or too defensive. Renting your property portfolio is a business. And your property manager can keep things a lot more professional. They can also deal with a problem a lot more effectively.
You Can Make More Money With a Property Manager
When it comes to hiring a property manager, there is a lot of fear involved. People are often concerned it will cost them a lot of money. However what gets forgotten is, that in the long run, using a property manager means there will be a lot more care taken of the property. Which means making more money in the long run. This results in better tenants, who stay longer and there will be less outlay on damage and repairs.
Property Managers Can Help Save You Lots Worry and Headaches
Being a landlord is time consuming. Do you have the time to do that in your busy life? Dealing with late fees, complaints, prepping the property for new tenants, finding vendors, tracking rent payments is all part of renting. The list of tasks is endless! Then you have to worry about bad tenants. That’s extra stress and anxiety to you. And you don’t want to sacrifice your health for your income. A good property manager can take away these anxieties and minimize the stress and strain you could be under from looking after your property yourself.
Property Managers Help You Get Better Tenants Due to Being Able To Screen A Bigger Selection Of Potential Renters
An experienced property manager can find you the best tenants for your property. And they can screen out those with bad history. They also have a much bigger pool of potential applicants to pull from. The result is better quality tenants in your property.
Property Managers Know the Law
If you are a newbie to managing your property, how much do you know about the law? It can get complicated, and property managers know exactly what to do and what not to do. This means you can avoid unnecessary and unwanted legal hassles. A property manager will have a full understanding of all the state and federal laws. This includes discrimination in screening and selecting tenants. And property managers avoid breaking discrimination laws. They can help you with evictions and will handle them in a way that will save time, concern, and money. All while adhering to the letter of the law.
How many properties or rental units do you have?
Yes, it is relatively easy to manager 1 or 2 properties. But if you have 5 or 10 plus then it gets to be a complex juggling act. Especially if some of them are multi-unit or commercial. This is when you need to start considering getting a professional on board. Especially if you are juggling a full-time job.
How far away do you live from your properties?
If you live more than 50 miles away, it is going to get complicated managing your properties from afar. This is when a property manager can really help you. And they will be on hand if there is an emergency.
Are you organized?
If you aren’t, managing your properties is going to become a hindrance and a headache. And you could see things slip through the cracks. Consider giving the responsibility to a professional so you can stop worrying about what you may miss.
Do you have the knowledge, skills, or abilities to manager your own property?
There is nothing to be ashamed of if the thought of managing a property fills you with dread. If the thought makes you feel like you are out of your depth, a property manager can ease the burden of that anxiety.
How busy are you?
Managing a property can be a full time job. If you are already working a full time position, managing a property as well could leave you running on empty. And it ultimately will be your family time, and your sanity that will suffer.
Are you struggling to fill your vacancies?
If you feel your property is vacant too often, you could need help with your marketing. Property managers can help with this. They have experience and tried and tested techniques. Which work.
Do you have a service-oriented personality?
Managing a property is all about providing a service. And when it comes to where people live it can get very heated. Dealing with maintenance calls from tenants, and all the other aspects can get tiresome. And if you are service minded, it will just bring you misery.
Do you mind working with contractors?
It goes without saying at some point you will need contractors to maintain your property. And you don’t feel comfortable spending the time necessary researching, hiring, and double-checking their work, a manager is the way forward.
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