If you are thinking about investing in a property to rent, you have a lot of decisions to make. But one of the most important decisions that you will make is whether you are going to manage the property yourself or get a property manager.
Below are 10 advantages to hiring a property manager for your rental property.
#1: You Won’t be Woken up
If you have a problem at your rental property, and you are managing it yourself, you have to fix it. But if you’ve hired a property manager, you’re able to sleep during the night. When there’s a problem, your property manager is the one who will answer the call then respond accordingly.
#2: Streamline Sourcing & Screening of Tenants
The property manager is going to be able to access a lot of resources that will help them with finding new tenants much more quickly, so that you don’t have to worry about a lot of vacant spots. They also can screen tenants thoroughly, since they’re familiar with what they should be looking for and the questions that they should ask.
#3: Regularly Help with Repair and Maintenance
When you have a property manager, you won’t have to worry about being on call when it comes to problems with your property. They are going to perform the routine maintenance and prevent the small problems from becoming big problems. When something needs repair, they’ll go to the site and fix the problem. Since they are always dealing with this kind of thing, they also are going to have a full database of contractors and vendors who are able to do the work that’s needed at a price that is fair.
#4: Avoid Messy and Nasty Legal Problems
It can be hard to keep up with the laws regarding landlords and tenants, especially if you are new to the game. There are new regulations constantly cropping up, and it’s essential that you comply with the laws so that you don’t have a legal problem. Professional property managers will have experience in this field and have the ability to navigate the different complexities so that you are abiding by the law.
#5: Stay on Top of Market Pricing and Be Realistic
When you hire a property manager, they are going to know the market and they’ll be familiar with the pricing sweet spot. This is the price that you can charge realistically without risking long rates of vacancy in your rental property.
#6: Watch Your Property From Anywhere
When you have a rental property, you should closely watch your property. But this can be hard, especially if you don’t live around the block. When you have a property manager, they will check on your property routinely. This is particularly important when the property is important, since an empty property will often become vandalized. The property manager can keep your property maintained well, so that it has an occupied, lived-in appearance.
#7: Won’t be a Bad Guy Anymore
When you’re a landlord, you have to enforce your lease’s terms. But this can be hard. When there’s a tenant who is bringing in a lot of pets or they are smoking inside, it can become ugly. When you hire a property manager, you won’t have to worry about showing up and trying reasoning with them. You can simply let your manager take care of it.
#8: Stop Worrying About Collecting Rent
Tenants always have excuses as to why they aren’t paying their rent. When you are hiring a manager for your property, they’ll collect the rent and they will then take action immediately if the rent’s late. They are also going to document all of the steps that they have taken and make sure everything is done legally.
#9: No More Dealing With Evictions
Landlords hate evicting people. There is a lot of red tape when it comes to a lawful eviction and you can’t just change the locks if the tenant isn’t home. Your property manager will be on top of things and have the ability to handle your evictions in a quick, efficient and compliant manner so that you won’t face any problems with the state’s regulations and codes.
#10: Have Fun Investing in Housing Markets
When you have a property manager, it will make your life al ot easier. You may discover that you are comfortable investing in a couple more properties. With your property manager, you might even find yourself investing in the properties that are far away, since you won’t have to manage them on your own. It doesn’t matter where you’re investing. This means you can invest in growing or more affordable housing markets.
It’s easy to see that there are quite a few advantages to having a property manager for your rental property. Yes, it may cost you some of your hard-earned money. But you also are going to save yourself a lot of headaches and gas money based on how far you live from your rental property. Plus, you don’t have to worry about calls late at night from tenants. In the long run, you’ll find that having a property manager is the best choice you can make.