Property managers are able to handle tenant issues quickly and efficiently. They have experience dealing with a variety of situations, such as maintenance calls, payment problems and evictions. They are familiar with local landlord-tenant laws and fair housing rules.
Property managers are able to market homes and get them ready for rent at the earliest opportunity after tenants vacate the home. This can help reduce the vacancy period and increase profits.
1. Saves You Time
It takes a lot of time and work to manage a rental property. Tracking rent payments, performing maintenance, screening tenants and handling complaints can quickly become a full-time job. Relinquishing these responsibilities to a reputable professional can save you significant amounts of time and money.
A good property management company should have extensive experience managing residential and commercial properties. Their team should be familiar with local vendors and contractors, which can help to keep repair costs down. They should also have a process for marketing the property, creating a lease agreement and handling tenant concerns and complaints.
Ask your potential property manager how many properties they manage and whether they have any references. If they don’t have a lot of clients, it could mean they are underperforming or not meeting your expectations. You should also look for a company with strong customer service. If they are not willing to answer your questions or respond to inquiries quickly, you should move on to another candidate.
2. Saves You Money
Using a property management company gives you access to resources and structures that are designed to cost-effectively market properties, qualify tenants, collect rents, and handle repair calls. They also take the pressure off you to personally oversee these tasks, letting you spend your limited time on more profitable endeavors, such as working at your day job, finding new investment properties, or even taking a well-deserved vacation.
If you do decide to work with a property manager, be sure to negotiate their fees. Many firms charge a flat fee for advertising, screening new tenants, and handling new leases, along with ongoing fees such as a percentage of collected rents.
Additionally, property managers have a variety of legal responsibilities and must adhere to federal, state, and local landlord-tenant laws. This means that if they break the law, you could be held liable as the owner of the property.
3. Saves You Stress
The peace of mind that comes from knowing someone else is handling the operational and maintenance tasks associated with your property can be priceless. You’ll also feel less stressed because you won’t have to worry about finding new renters or dealing with the consequences of a lapse in rent payments.
Aside from collecting rent money and addressing tenant-related issues, they’ll also handle market analyses that inform rental prices to help you maximize profits and minimize vacancies. Likewise, they’ll screen rental applicants to ensure that you don’t end up with problem tenants who may be hard on the property or pose a legal threat.
The only con of hiring a property manager is that you’ll lose some level of direct contact with your tenants, especially if you have specific goals related to your real estate investments. However, for many investors, the benefits outweigh this drawback. In fact, hiring a professional company to manage your properties can actually make your investment more profitable over time.
4. Frees Up Your Time
The property management company you hire can handle day-to-day services without your direct involvement. This eliminates the cost of a full-time employee and lets you focus on the other aspects of your rental business, such as marketing your listings and scheduling showings.
If you’re investing in properties that are far from your own home, a property manager can help protect your investment by keeping tabs on them. Whether it’s for a single-family home or multifamily unit, your property manager can make sure the residents are happy and take care of repairs, maintenance requests, and other issues quickly and efficiently.
When looking for a property management company, consider their licensing requirements and familiarity with landlord-tenant regulations in your area. You should also ask about their policies and track record of low vacancy rates, effective rent collection, and excellent customer service. A comprehensive property management SaaS solution like Buildium can give you a competitive advantage by enabling you to accept rent payments online and stay on top of your maintenance requests, inspections, and other tasks.property managers near me