The Benefits of Property Management

property management benefits

Hiring a property manager is a foregone conclusion for most experienced landlords who've been there and done that. But for newcomers to the real estate market, it takes personal experience with property management to truly appreciate the duties of a landlord.

Working as a landlord can be especially stressful if you have a day job or other personal responsibilities. This is why a large percentage of landlords are turning to property management firms to get peace of mind.

Let’s take a look at the benefits that an experienced property manager provides.

Screening Tenants

Property managers know the ins and outs of tenant screening using a number of tools to separate the wheat from the chaff. Having quality tenants can go a long way in improving your bottom line, preventing damage to the property, or inviting legal problems. An experienced rental property manager is equipped to find reliable tenants who will stay at your property for the long haul and increase the occupancy rate.

Not Having to Worry About Legal Problems

It can be hard to stay informed about the legal requirements of landlords. From creating a strong lease agreement to collecting rent, a property manager can protect you from potentially breaking the law. Keep in mind that a single legal problem could tank your business.

You can minimize your legal risk by property screening tenants, staying on top of property management, and property handling tenant evictions (should it come to that).

Rent Collection

Rent collection isn’t a walk in the park as some people think. Most property managers use tools to help them collect rent on time and deal with tenants who aren't paying their dues on time. Collecting the rent can make a big difference on your bottom line, especially if you have to pay the bills and mortgage.

Alleviating Tenant Complaints

If something breaks at the property, it’s not always feasible to drop everything and drive over the rental unit to make repairs (especially if you’re out of town or state). A property management company is better suited to handling tenant complaints at any time of the day and arrange for a service provider who can carry out emergency repairs.

This also applies if your tenants have a complaint related to loud neighbors. You can rest easy knowing that your property anger serves as the point of contact for them.

Finding Tenants

Property managers have access to the right tools to advertise your property for rent. They can handle everything from taking high-quality photos of the unit and hosting open houses to writing attractive ad copies that work. They also have the inside scoop on competitive rent prices - so you’re not charging too high or too low.

This is why it is recommended to work with a property manager who also has marketing experience. They can fill your property sooner and minimize the number of days it sits vacant. You can market the property yourself by using a website like Zillow, but tenant screening can become a hassle - especially when you receive dozens of requests.

Increase Occupancy Rates

Thanks to a property manager’s proactive approach to maintenance, there is a lower risk of experiencing a high tenant turnover. It becomes easier to deal with renter complaints promptly. Moreover, it becomes easier for landlords to increase the rent without upsetting the tenants.

Affordable Maintenance

Most property managers work with a network of contractors who provide high-quality services at an affordable price. This is because property managers help them find more work, and in turn, receive lower maintenance costs. Their extensive network of experienced contractors and handymen are especially useful for handling unexpected emergency repairs.

Wrapping Up

You will have fewer hassles and commitments to worry about if an expert is managing your property. If you need more time for other aspects of your life and want to alleviate the stress of being a landlord, then using a property management firm can be great.

Those were just some of the benefits of property management. If you are interested in hiring a property manager near you, get in touch with us!

17 views0 comments