Reasons to Hire a Property Manager
Why Should I Hire a Property Manager?
You did it, you decided to invest in a rental property! Now, you don't know what to do next. You're not alone. The realities of maintaining and running a rental property can quickly become overwhelming even to the savviest investor. Many times, people choose to hire a property manager to help them in the day to day tasks, which could be just the answer you’re looking for.
10 Reasons to Hire A Property Manager
To help you decide if hiring a property manager is right for you, here are 10 things to consider that could help influence your decision.
- Collecting and Depositing Monthly Rental Payments– If you ever worked in the billing department of an organization, you know that securing payment from clients can be difficult, not mention awkward. A property manager has his/her own systems in place to effectively collect rent and maintain on-time payments. Especially if you are a small investor, with a limited number of properties, not being able to maintain consistent payments is going to significantly affect your cash flow. We have a dedicated Rental Specialist who works on collecting and paying out monthly rents and handling vendor invoices. This allows our property managers to focus on managing properties!
- Rental Rates - A property manager is going to make sure your rental rates are competitive, which is the key to securing (and keeping) tenants in your property. Their job is to know the rental market, all of our property managers are listened real estate agents who are competent in helping you price your property right!
- Housing Regulations and Property Law - There is a multitude of applicable laws and regulations that you are going to need to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping up to date and in compliance with these regulations. Our Property Managers are constantly taking continuing education and staying involved in the property management community so we can provide the best services and up to date practices to you!
- Marketing and Advertising - A good property manager is going to have experience in offline and online marketing, as well as local direct mail opportunities, which will increase the exposure of your properties. Carrying a vacant property can be extremely expensive and is an expense you want to avoid whenever possible. We utilize many different forms of advertising as well as networking with other agents. Similar to selling a home, who you pick as a property manager can have a huge impact on the speed at which a property is rented. The knowledge a good property manager brings can help with quickly and efficiently securing a worthy tenant.
- Inspections - Being extra vigilant in the care of your rental property is critical to the maintenance of your investment. Through routine inspections, a property manager can find and repair problems before they grow into expensive endeavors. It is standard for property managers to perform inspections before a tenant moves in, during their lease, and after the tenant moves out. We not only provide inspections throughout a tenant’s residency, we utilize an app to complete the move in inspection and move out inspection, so that all photos and any documentation is all in one place, should a tenant ever try to dispute.
- Tenants - Securing tenants can be a time-consuming process. Depending on the extensiveness of requirements for your rental properties, a property manager can take care of securing all criminal background and security checks, credit reports, employment verification, and previous landlord references. In addition, all tenant disputes, conflict resolution and emergency maintenance will all go through a property manager, who will involve you at his or her discretion. Removing contact with the owner may seem strange, but if a tenant cannot speak to you, they cannot tug on your emotional heart strings. They also cannot play “he said-she said” if there is a dispute. We are your liaison and do so for your best interest!
- Access to Professionals - A property manager has existing relationships with maintenance workers, tradesmen, vendors, supplies and contractors that you do not have. This can save you significant time and money when it comes to maintenance on your rental property, not to mention ensuring quality work. We have a relationship with many contractors and vendors in the area and can quickly get someone out to assess any issues!
- Time Management - By having a property manager that takes care of the routine daily tasks, you are free to focus on other investments and/or your own career. As a property owner, you are bound by law to respond immediately to certain needs and requests of your tenant – that’s not always possible for many folks with a career or family! As one of our clients you can lean on our experienced staff, to make quick work of any issues that arise.
- Remote Locations - If your investment property is in another city or state, its simply not possible for you to oversee management and maintenance of the property and its tenants. A property manager can be where you can’t and can take care of all the details you don't have the ability to. We work with many out of town clients, and it is our job to shoulder the burden of knowing things are being done right, the way you would do them if you were here!
- Money - Most property managers charge a percentage of the monthly rental rate which can range anywhere from 6-10%. The cost is actually quite nominal when compared to all the services a property manager can provide, which frees up your personal and professional time. Our costs are all outlined ahead of time, so there are no surprises – this also includes no mark ups on maintenance, no lease renewal charges if a tenant stays beyond a year, and many more!