5 REASONS YOU SHOULD HIRE A GOOD PROPERTY MANAGER
If you have investment properties you rent, you undoubtedly want to maximize the profit from your investments as well as maintain and increase the value of your properties. The biggest concern that most investment property owners have is whether or not to hire a property manager. Here again are some reasons why it is a smart thing to do:
1. You’ll Make More Money With a Property Manager
Many property owners resist hiring a property manager because of the cost involved. However in the long run, they will actually make more money because of the increased care taken with the property or properties. On average, you’ll get better tenants, have them stay longer, have less damage and repairs, and at the end of the day have your property in better shape.
2. Property Managers Will Save You Lots of Time and Headaches
The time it takes to keep track of rent payments, collect late fees when necessary, deal with complaints and repairs, get the property ready for new tenants and deal with bad tenants can easily turn into a full-time job! It can also be a constant source of stress. Relinquishing these ongoing responsibilities to a good property manager can literally bring down your blood pressure and make life livable again.
3. Better Screening and a Bigger Pool Of Potential Tenants
If you hire a property manager with experience, they will know exactly how to dig for the right information to find the very best tenants and screen out potential tenants will a bad history. Property managers also have a much bigger pool of applicants to choose from. Most property owners who try to find tenants themselves just run an ad in the local newspapers and maybe post an ad to CraigsList. A property manager who is well established will already have waiting lists of potential tenants and more coming in every day in addition to what advertising brings in.
4. Property Managers Know the Law Inside Out
One of the biggest advantages to hiring a professional property manager is the ability to avoid some legal hassles completely and minimize others. For example, it can be tricky to know and fully understand all the nuances of both state and federal laws when it comes to discrimination in screening and selecting tenants. Some property owners who try to screen and select their own tenants inadvertently break discrimination laws. Also, if an eviction does become necessary, a good property manager will understand exactly how to handle it in a way that will save time and money while staying within the boundaries of the law.
5. Property Managers Serve As a Buffer Between Owners and Tenants
Often times, it is difficult for a property owner to keep a professional distance from their tenants. They get too personally involved and they tend to be too lenient on certain issues. On the other hand, they can also get too defensive about certain types of complaints. Renting out a property is a business and it is much easier for a property manager to keep things on a strictly professional level. For example, professional property managers will react very differently to stories about why the rent is late than a property owner that has gotten to know the tenant on a personal level. When issues arise, a professional property manager who has kept his or her distance is better prepared to deal with the problem effectively.
Herman Boswell Property Management has a portfolio of over 600 properties that it manages in the Arlington area and a 37-year track record of success. Why not put them to work on your property?