Owning rental properties can be an excellent source of passive income. Unfortunately, it can be the onset of headaches especially if you own multiple properties. Real estate experts agree that it makes good sense to hire a property manager. It will save you valuable time and money in the long run. Here’s why you should use a property manager for rental property.
1- Screen Out Problem Tenants
Experienced property managers know how to screen tenant applications and recognize red flags. They know to look for good tenant qualities such as paying rent on time and having a history of leaving properties in good condition. You’ll have a better chance of having responsible tenants if you have a property manager to screen for them.
2- Higher Rate of Tenant Retention
Generating income from rental properties is harder when you have a high rate of tenant turnover. One of the most common reasons tenants move out is maintenance issues. A property manager will care of problems such as leaky faucets, clogged drains, and pest infestations promptly. Not only will you have happy tenants, but you will take care of minor issues before they become costly problems.
3- Increased Profits
When you have a property manager who oversees the operations of your properties daily, they can keep track of many things that will streamline your business, save you time, and increase profits. They can deal with maintenance issues, residents’ concerns, schedule property tours for potential tenants, and do a host of other duties.
4- To Handle Tenant Complaints
Problems are inevitably going to arise when you have tenants. They will include everything from an appliance that isn’t working right to noisy neighbors. You may not always be in the position to drive over and take care of problems yourself. This is especially true if you live out of town. You’ll rest easier knowing that tenants have someone else to call with complaints.
5- To Manage Legal Problems
Most property owners aren’t well-versed in the local, state, and federal laws involved in rental properties. Property managers likely know more about fair housing and landlord tenant laws than you do.
Most states require that they have classroom hours on topics like terminating leases, evictions, damage issues, lawsuits, and other issues that could get someone not familiar with property legalities in hot water.
6- Lower Maintenance Costs and Better Service
Property managers have worked with many different service providers in the past. The result is knowing trusted companies that provide excellent services. They have established relationships with a variety of vendors from pest exterminators to painters. These relationships will likely lead to lower rates and discounts. In addition, they have more time and experience to find vendors at the most competitive prices.
7- More Time for Yourself
By hiring a professional, you will avoid having to chase down rent money, dealing with paperwork, late-night emergencies, and more. You’ll enjoy better relationships with your loved ones, have more time for yourself, and have a higher quality of life if you have a property manager to take tasks off your plate.