Is it better to take the do-it-yourself approach and manage your own rental property, or can you save time, money and headaches by hiring a professional? Here are ten ways a property manager can be a major benefit to your rental business.
Setting the right rental rates
A good property manager will set the ideal rental price for your property to ensure that you maximize your profits while also quickly attracting tenants to keep your property occupied. This should lead to higher rental income over the course of a year.
Protecting and maintaining your property
Who do your tenants call in the middle of the night when something goes wrong? A property management company handles those emergencies and employs a network of maintenance workers, tradesmen, contractors, suppliers, and vendors that can get the job done in a timely manner at low market rates. As a result, a high-quality, fair service is provided to your tenants and any problems or repairs are taken care of immediately.
Collecting rent payments on time
Getting tenants to pay rent on time every month isn’t always straightforward, which can lead to cash flow issues and awkward conversations. Property managers have tried-and-tested systems for collecting rent and dealing with situations where rent is late or payments stop altogether.
Handling showings and finding tenants fast
A property manager has years of experience marketing and advertising properties – plus a network of potential tenants. They will be able to get your property rented significantly faster than you could alone, and they will save you hours of work by handling all the showings.
Picking the right tenants
Bad tenants can be a nightmare. A property management company will root out problem tenants from the start by screening for credit history, criminal background and previous evictions as well as verifying current employment and references from previous landlords.
As well as finding good tenants, a property management company takes care of the tenant-landlord relationship. They act as your professional negotiator, making sure that you retain a good relationship with your tenants, while also representing your interests and protecting your property.
Protecting you from liability
It’s unfortunately all too common for unprotected landlords to be sued or face legal issues. With a property management company, you’re covered. They know all the current licensing requirements, local ordinances, state laws and regulations, and they will make sure your property stays compliant. They can also go to court on your behalf to settle disputes.
Writing and enforcing your lease
By hiring a property management company, you’ve avoiding the need to hire your own attorney to draw up a watertight lease. Once the lease is written, your legal rights will be protected, your property will be regularly inspected and the terms of the lease will be enforced.
Saving you time & hassle
It’s easy to underestimate how much time and energy goes into managing a rental property, from advertising and vetting potential tenants, to taking care of maintenance and dealing with issues, to collecting and chasing down rent. You save hours of valuable time by leaving these things to a professional.
Saving you money
Once you take into account all the time and expense they save, a property manager is well worth their fee, which is normally a small percentage of your rental income. When you choose an experienced manager, your investment property generates long-term income without hassle. Property managers save you time, bring in money and minimize expenses.
If you have questions about property management or want to find out whether a professional property manager could be right for you, we would love to hear from you! Please contact Trisha at email@example.com or call Peebles Property Management on (530) 370-9188.