Although it may seem more economical to manage your property on your
own, a good property manager can make a big difference to your bottom
line and to your peace of mind.
Odds are you wish to increase and maintain the value of your property
investment. The right property manager will bring all the expertise and
experience needed to make that a reality. Here are some reasons to hire a
good property manager.
1. Opportunity to Make More Money
A lot of people believe that hiring property managers means more expense,
but what they may not have considered is the potential to make a lot more,
especially over the long term.
For instance, checking through classified ads and charging the same rates
you find there for similar properties might seem like a good idea but each
market is entirely different than the next. Even charging the same rate for a
similar property in the same area may not be the ideal way to go. A
property manager would carry out a thorough market study and
assessment of your property in every way possible to set the right rental
price. They also know exactly where and how to market your property so
that you can be sure of a perfect balance optimum monthly income and a
significantly reduced vacancy rate.
2. Saves You a Lot of Time and Stress
As the savvy landlord, how about more time to find more properties to
increase your real estate portfolio? Is there something out there you should
be spending your time on instead of chasing after rental payments?
For a small monthly fee, your property manager will handle all the
collections and deposits of rent payment. It will become their full-time job
to track late fees, deal with repairs and complaints, prepare for new
tenants, and deal with problem tenants. They serve as a buffer between you
and your tenants, creating a truly passive income investment.
Even more, your property manager has an extensive knowledge of reliable
tradesmen, suppliers, vendors, contractors and maintenance workers. As
an independent landlord, it’s difficult to replicate this list and it might
demand years of screening applicants. Your property manager will also
ensure that your tasks are handled efficiently and at the right price.
With all of these responsibilities attended to by your property manager, you
are free to enjoy more time to pursue your other interests.
3. Larger Pool of Excellent Tenants
A property manager with hands-on experiences knows precisely how to
screen tenants. They realize that it’s a task that requires dedication and
doggedness. They will spend time carrying out criminal background and
security checks, validating employment history, running credit
assessments and checking with their previous landlords. Even more, an
established property manager may already have potential tenants on the
waiting list. This increases the chances of getting good tenants in less
4. Thorough Knowledge of the Law
There is a multitude of laws and regulations governing maintaining and
renting your property. These laws are amended from time to time, creating
the need to stay up-to-date to avoid all kinds of legal issues. A good
property manager has a full understanding of all local, state and federal
laws including laws about discrimination in selecting tenants.
When eviction is necessary, they also know how to handle the process
according to all applicable regulations. With the right property manager,
you can avoid lawsuits by staying in compliance with the law.
Protect your investment. Call Herman Boswell Property Management at