Top 10 Benefits To Hiring A Property Manager

05 Oct Top 10 Benefits To Hiring A Property Manager

Many aspiring landlords believe that owning rental property will be a dream come true. Unfortunately though, two or three months into it all, reality comes crashing in. Instead of rent being deposited directly to your account every month, there is the tenant who will not pay. And there are the three o’clock-in-the-morning phone calls alerting you to the running toilet. And of course, there’s the daunting task of attempting to keep the occupancy rate greater than the vacancy rate.

Before long, the dream of being a landlord is replaced with the words “How can I escape this nightmare?” As a real estate specialist, you are already busy. While owning rental property can be a excellent way to generate an additional stream of income, it’s also time-consuming, and very much a hands on job. According to some estimates, landlords can expect to spend about four hours a week managing a rental.

Fortunately though, there’s a solution: A property manager is a excellent way to generate life as a landlord much easier. For many time-crunched agents and brokers, this is what makes owning a rental a possibility in the first location. If you’re a landlord, or are contemplating investing in a rental property, here are ten reasons that you require a property manager.

1. No More Wake-Up Calls

There is a problem at the rental, and as the landlord, it’s your job to fix it. Having a property manager, you will have the ability to bid farewell to late-night emergencies. When a problem arises, the property manager will find the call and respond accordingly.

2. Turbocharged Tenant Sourcing and Screening

Property managers have access to a wealth of tools that enable them to find new tenants faster, assisting you to keep those vacancy rates down. Not only that, but they are also able to thoroughly screen tenants.

3. Standard Maintenance and Repair Help

Having a property manager, you do not need to be the on-call maintenance person/gardener/pool boy anymore. Your property manager will do routine maintenance for you, preventing minor issues from becoming out of control. When repairs are in order, the property manager will appear on-site at the first indication of trouble. Since they deal with this type of thing all the time, they’ll also have a database chock full of vendors and contractors that do reputable work at fair prices.

4. Get the Income Balance Right on Your Properties

Based on Rent.com’s 2014 Home Owner and Manager Report, 85 percent of property managers reported raising their rental rates in 2013. An experienced property manager who knows the market is familiar with that sweet spot: the amount of money which you can realistically charge without risking more vacancy prices.

5. Avoid Messy Legal Problems

Keeping up with landlord-tenant law can be tedious and rather costly if you are not up to speed. New regulations are constantly coming into effect, and staying out of trouble is dependent on your compliance with these laws. A professional property manager ought to be experienced with landlord-tenant law and ready to navigate the numerous complexities to be certain you keep on the right side of it.

6. Keep an Eye on Your Home Without Needing to Watch It

Having a property manager means that your house will be assessed on routinely. This is particularly important during deductions, as empty properties are prime targets for vandals. A property manager will have the ability to keep the property well-maintained, giving it a lived-in, occupied look.

7. Stop Being the Bad Guy

As landlord, it’s your job to apply the conditions of the lease. When a tenant brings in one too many dogs or there’s an issue with smoking indoors, things can get ugly. With a property manager, you don’t have to show up and try to reason with the tenant who is arguing the merits of turning backyard trees into firewood. Instead, let your property manager handle it.

8. Never Hear “The Check’s in the Mail” Again

The check is always in the email! As a property owner, you depend on the rent arriving each month in time. When this doesn’t occur, there is often a tremendous amount of time and effort involved with tracking down the lease. Letting late rent slide can create a situation where the tenant is able to live in your property rent-free, for as long as required to evict them. A property manager will be your no-nonsense rent collector and will take immediate action if the rent is overdue. They’ll document all steps taken and stay in compliance with the law.

contract with an architectural model and a calculator and glasses and pen

9. No More Dreaded Evictions

Evictions are the bane of every landlord, and understandably so. There’s a tremendous number of red tape surrounding the legal eviction process, and no, changing the locks while the tenant’s out just is not an option. A good property manager is on the ball and able to take care of evictions for you — quickly, efficiently, and in compliance with state code and regulations.

10. Have the Freedom to Invest in Better Housing Markets

Finally, property managers make life easier — so much simpler, in fact that you might be tempted to get yourself a few more rental properties. Having a property manager, you’ll even be able to invest in properties which are out of town; because you won’t be handling them yourself, it won’t matter where you invest. This permits you to take advantage of cheaper or growing housing markets.

Owning rental property can be a fantastic investment. However, as you can see, having a property manager can make your life so much simpler. If you have rentals, but are feeling overwhelmed, do yourself a favor and consider getting a property manager to take some of the load off.