Why Hire a Property Manager for Your Rental Property?
At first, it may seem excessive to give a property manager a full month’s rent along with 10% of your rental income. Upon closer consideration, it becomes clear that they are more than worth the cost. Between protecting you from lawsuits and handling virtually all of the paperwork, the amount of money, time, and stress a qualified property manager will save you is invaluable. Here some of the specific matters a property manager will handle for you:
1. Secure the ideal tenant.
Anyone who has experience as a landlord can tell you this: choosing the right tenant is of utmost importance, and doing so is an arduous process. A property manager will handle each step of the tenant-selection process, beginning with advertising, taking phone calls and coordinating showings. From there, they will perform background and reference checks, prepare lease documents to be signed, and make arrangements for move-in day.
2. Reduce your down time.
An experienced property manager will know how to market your property. In addition to composing the best ad, they will also know exactly what rent you can expect for your property. Showing off your priced-right rental with the perfect ad will bring a ton of interest. Your property manager will turn this abundance of interest into a signed lease agreement in no time, reducing or eliminating any vacancy period you may have otherwise had.
3. Manage all aspects of rent collection.
Put a property manager to work doing the unpleasant task of monthly rent collection. In the case of a late or missed payment or even if rent collection turns into a legal battle, your property manager will handle it all, saving you from assuming all of the stress and responsibility yourself.
4. Lower your repair and maintenance cost.
Most property managers either hire a maintenance staff, or maintain relationships with honest, meticulous contractors who provide all of the repair and maintenance work for your rental property. The cost for you to employ such a staff is significantly less than the cost of hiring your own maintenance crew. Additionally, you will not have to take the time to supervise your repairs and maintenance, as your property manager will have that covered. The value of allowing a manager to supervise your repairs and maintenance is great, as a well-maintained property holds a better value and a guarantee that it can be rented faster.
5. Reduce your stress.
The biggest advantage to hiring a property manager is the stress and workload reduction that they provide. Rather than getting bogged down with showings, repairs, and rent collection, you can focus on managing your investments on a larger scale. Don’t spend your entire summer fixing up your properties. Enjoy quality time with your family, while your property manager works for you. When all of the services a property manager provides are considered, their fee seems like quite the bargain.
The time, experience, and resources available to a property manager can optimize the profitability of your rental property, earning far more than you could have alone and with very little time, stress and money sacrificed on your part.