Do you own a rental property? Have you owned one in the past? If yes, you will understand that the process of managing a rental can be financially rewarding while also requiring a tremendous amount of effort and time.
Doing all the property management tasks might make sense for you if you are a handy type of person that likes projects, you live close to the property, or you do not mind spending hours carrying out tasks properly.
If you hire a property manager the following ten items will be off your to do list:
Setting a good rental rate: A good way to get the right rental price is to study the market before setting the rental price. Studying the rental price of other similar properties is a time-consuming task, but when you hire a property management company they handle it – which means you will maximize your resources.
Collecting and depositing the monthly rent: If you have ever been responsible for securing payment you know how difficult it can be. A property management company will handle the work efficiently to maintain cash flow.
Property marketing and advertising: Experience has shown that property managers know how to develop compelling ads, the mistakes that can be made in marketing a property, and the best places to advertise your property.
Finding the right tenant: Property managers have experience with finding good tenants by carrying out background checks, employment verification, credit reports, etc.
Tenant management: Aside from finding a good tenant, a property management company will oversee all tenant-landlord relationships, emergencies, maintenance, conflict resolution, and inspections.
Vendor relationship management: Maintenance projects are part of the role of the property management company. A sign of a good property management company is that they have good relationships with workers, suppliers, contractors, and vendors.
Compliance with regulation and property law: There are various laws that property owners need to know. Some of these laws include the local, state, and federal regulations as well as fair housing regulations. If any of these laws are violated this can result in lawsuits and fines that can cripple property owners.
Freedom to invest in a different geographical location: If you oversee your own property management you will have to invest close to where you reside; however, with a property management company you have the advantage of investing anywhere you wish.
Make good use of your time: A property manager oversees the property, runs the property, and gives you the time to spend with your loved ones, hobbies, or other investments.
Maximize the value and return on your rental property.