Owning a rental property can be a great source of extra income. However, it also requires a huge commitment of time and effort, which can soon make it feel like a second job. When it comes to managing your rental property, it might be tempting to take a do-it-yourself approach, live close and deal with the marketing, upkeep, and repairs.
In most cases though, this just isn’t practical, and you’ll end up wasting too much time you could spend focusing on other things that matter to you. Hiring a professional property manager will take a lot of stress and responsibility off your shoulders. They can make sure your property looks its best, is always taken care of, and brings in the most revenue. If you can’t quite decide whether you need a property manager or not, consider the below benefits.
What are the biggest benefits of hiring a property manager? Marketing and advertising your property
Once your property is ready to be rented, you want to start making money as soon as possible. However, advertising and dealing with applicants is time-consuming. Property managers are highly skilled at rental marketing and know how to write intriguing ads and take photos that can make your place look stunning. They can also be flexible and available to show your property to applicants. They can deal with everything from advertising, to setting the right price and finding a great tenant, so you can make some extra money without taking on extra responsibilities.
Maximizing your profits
When your property sits vacant, you’re not making any money. A property management company knows how to minimize the downtime of your property being unoccupied. They have local real estate knowledge that enables them to set a competitive price, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
Finding the right tenant
Tenant screening can be quite complex and it’s one of the most important steps in renting out a property. A bad tenant is bad news. They can mean delays in payment, damage to your property, or even legal problems.
Avoiding all of this is definitely one of the biggest advantages of hiring a property manager. Their expert eyes are more likely to identify potential red flags when reviewing an applicant’s paperwork. Property management companies are great at finding reliable renters who stay long-term, pay on time, take care of your property, and do not cause any unnecessary problems. Your property manager can take care of all the details, but the final decision is always yours.
Ensuring rent is paid on time
For every landlord, ensuring that rent gets collected on time each month is a key priority. This is the reason why you’re letting out your property in the first place. However, securing payments from tenants can sometimes be difficult, not to mention awkward. If your tenant consistently fails to pay rent on time, sometimes it can be tricky to find a balance between being fair but getting paid. Property managers know the law and how to make the best out of every situation, including even handling evictions if necessary. If you hire a professional property manager, you’ll get paid at the same time each month.
After finding you the perfect tenant, your property manager will also be the point of contact for your renter. This means no late-night emergencies and significantly less headache for you. Your property manager can always arrange for a reliable service provider to repair or replace broken items if needed.
They have long-established connections with maintenance workers, tradesmen, contractors, suppliers and vendors that is almost impossible for an independent landlord to duplicate. What’s more, your property manager will not only get you the best work for the best price, they’ll also oversee any necessary maintenance projects – with your approval. You’ll receive regular status updates without having to check up on tradesmen.
Less stress, more freedom
Time is money. If you don’t have to micromanage your property, chase down rent and deal with emergencies, potential damages, paperwork, and contractors, you’ll have significantly more time to spend on the things you enjoy and fewer complications and commitments to agonize about. You won’t have to live close to your rental property either, which gives you more freedom and will allow you to save yourself a lot of stress.
If you want to know more about how a property management company can make your life much easier, contact us today!