As the owner of an investment property, you have a lot on your plate. You’re responsible for finding tenants, keeping up with tenant requests, and making sure everything stays in good condition in your building. While this can be overwhelming, it’s important to know that not all tasks associated with your rental property need to be performed by you directly. Some can be outsourced to professionals—and we think hiring a property manager should be at the top of your list of items to delegate to someone else! Here are five reasons why hiring a property manager is the right move if you own an investment property.
One point of contact
A property manager manages your property’s day-to-day operations, freeing you up to focus on other aspects of running your business. He or she will be responsible for leasing and keeping your tenants happy. If you hire a reputable company, that manager should also handle hiring, training and supervising maintenance workers. Having all these responsibilities in one place can make life easier—not to mention reduce turnover among renters if you have multiple properties.
Guaranteed timely rent payments
Who doesn’t want their rent paid on time? Property managers offer tenant relationships and ensure that tenants understand what is expected of them, as well as how to pay their rent. If you don’t mind dealing with all of that yourself, go ahead—but be sure to know what your expenses will be.
Peace of mind
Overseeing your rental property from start to finish can be challenging, even for seasoned landlords. Hiring a property manager takes care of many of these responsibilities, freeing you up to enjoy your investment and know that it’s in good hands. A property manager will help with everything from tenant selection to collecting rent checks; even legal issues are often handled by an outside firm. Think about how much time and energy could be saved if there was someone available 24/7 who knows their job well enough to get things done properly and quickly!
Less time managing your property, more time doing what you love
Investing in real estate can be very rewarding, but if you're not careful, you could end up spending so much time managing your property that you don't have time to do anything else. By hiring a property manager, you'll free up your valuable time to focus on growing your business.
Efficient tenant screening process
When you have your own property manager, they can create their own screening process for tenants. This will save you from having to spend time weeding through thousands of applications, and ensure that only good tenants are in your units, keeping them clean and well maintained. Your property manager can also be more flexible about applicants that may not fit your exact criteria but could still be really good tenants. They can often take non-traditional or low income housing into consideration when filling vacancies.
Comments