One of the most significant decisions that landlords make is whether they should hire a property manager. If you plan on expanding your property portfolio or are having trouble juggling between your other obligations and managing properties, working with a property manager can be a great help. Property managers handle almost every aspect of rental property management. From advertising vacancies, screening potential tenants, and creating lease agreements to rent collection, they can all provide all the assistance you need.
When property managers handle repetitive tasks, they ease your burden to focus on more critical landlord duties. This reprieve allows you to concentrate on significant repairs and legal issues that require your immediate attention. Most of all, you get to explore new ventures or possible expansion opportunities, making project managers worth an investment.
Property managers can be a significant asset to landlords. Consider the following factors to determine if working with a property manager is the right move for you.
Expanding your Property Portfolio Means More Properties to Handle
As your property investment grows, you tend to manage more rental properties and units. You may obtain properties at different locations, some of which might not be near to you. Arising issues can be challenging to handle alone and from afar.
Moreover, not all landlords who undertake this venture might can devote enough time to manage day-to-day tasks. Whether you have properties at different locations or are too busy with your other commitments, property managers are here to help. They can manage tasks such as collecting rent, handling tenant complaints, performing maintenance duties, and more. This opportunity allows you to concentrate on the steps you need to take to expand your property investment.
Property Managers Can Help You Manage Turnover Rates
High tenant turnover can affect your profit as a landlord. When more tenants leave, you need to allocate a budget for acquiring a new one. It takes a certain amount of time to advertise a property, run background checks on applicants, prepare necessary documents, and show the new tenant their unit.
The more time you let your property vacant, the more money you lose.
Working with a property manager can help you resolve this issue. They have extensive experience in handling rental properties and tenants. They have the right resources to advertise your available units across several channels. It is also their job to perform strict tenant screening and background checks to acquire a reliable tenant. Property managers can handle background and reference checks, as well as employment and income verification.
Property managers can also perform the following tasks to eliminate high tenant turnover:
Make the Property More Attractive to Tenants. Seasoned property managers have a clear understanding of the type of units that are sought after. This understanding allows them to determine the improvements needed to attract more tenants.
Set a Reasonable Rental Rate: As industry experts, property managers can help you come up with an optimal rental rate. They have access to the local real estate market, data on competing units, and other property management tools to help you make an informed decision.
Minimize Tenant Turnover. Property managers can help you improve tenant retention by facilitating routine maintenance and repairs. You can also pay close attention to your tenants’ needs when you have a right hand by your side. Addressing all the concerns and inquiries in a timely fashion increases the chances of them staying.
Get Expert Help
You can always use a property management expert to handle instances with which you are unfamiliar. Working with a property manager allows you to differentiate a good tenant from a bad one. Right off the bat, they can see the red flags. They also have enough tools to verify crucial information about potential tenants.
A portion of property management goes into lease enforcement. Landlords have to make sure that both parties follow the terms of the lease. Property managers can assist you in dealing with difficult or non-compliant tenants. Once a tenant breaks a rule, property managers will immediately step in to deal with it.
They Keep You Out of Legal Trouble
As a landlord, it is your responsibility to study all the obligations and responsibilities you have. You should also be very familiar with the specific state laws surrounding property rental. Property managers can enlighten you about these topics and provide you with useful advice. There are a lot of technicalities involved, so it’s best to talk to an expert.
The Bottom Line
Suppose you are a landlord who is just starting in the industry; learning what to do as you go can be risky. Not everyone knows how to acquire suitable tenants, charge reasonable rent, and maintain properties. When things go wrong, it can cost you time and money.
Working with property managers allows you to prevent the pitfalls of managing rental properties. They have the experience, resources, and knowledge to handle everything it takes to succeed.