The Benefits of Hiring a Property Manager for Your Income Property
Whether you are a seasoned landlord, or you are new to managing income-properties, you have likely come to realize just how stressful, and time-consuming, property management can be. While owning a rental property can be financially rewarding, being a landlord is not as simple as many aspiring landlords may believe, as a great deal of factors go into successful property management. This is where having the support of a professional property management company can be particularly beneficial, as they can take away much of the stress involved in being a landlord. Thusly, whether you own multiple income-properties, or you are considering becoming a landlord for the first time, here are a few of the reasons to consider hiring a property management firm to manage your income-property.
Tenant Screening and Retention
One of the most important roles a property management firm plays is in helping landlords to find, and retain tenants. Property owners often find it vital to have tenants who can not only afford to pay their rent, but who will pay it on time, who won’t cause problems in the neighborhood, and who will not cause damage to their property. Yet, finding tenants by oneself can be a difficult and time-consuming process. The fact is that property management firms have greater resources to help you find, screen, and select dependable tenants for your property. This can not only help to save you time, but can ensure that you are paid on time each month, and that you do not have a high rate of tenant turnover, which can be costly for property owners.
Provides a Buffer Between You and Your Renters
Any seasoned landlord can tell you the frustrations of constantly being bombarded by renters with question regarding their property, such as questions regarding maintenance that needs to be performed. This can be particularly frustrating as these calls can come at all hours of the day and night, and can be fairly frequent for landlords with more than one income-property. A property management firm can then act as a buffer between you and your tenants, acting as a first-line of contact when your renters have a problem. This can dramatically cut down on the amount of problems you have to deal with personally, as your property manager will be their 24/7 to care of the needs of your tenants.
The expertise and experience a property management firm brings to the table can be particularly beneficial for new income-property owners, as this experience can help them to get the most out of their income-property. One mistake new landlords often make is undervaluing their rental property. However, a property management firm with experience managing properties in your area will be able to help you determine a good rate for your rental ensuring that you get the most out of your rental property. Additionally, unless you have previous experience with property management, it can be particularly beneficial to have help in maintaining your property, as you may be surprised by how much maintenance your rental property(ies) will require. Furthermore, property management firms often have connections that can help you to save money on the maintenance of your rental property.
Time is something that we keep coming back to; however, it is important not to underestimate just how time-consuming property management can be. Yet, for most landlords, their rental property is not their primary source of income. This can make juggling their 9-5 job, and their duties as a landlord, particularly stressful and overwhelming. For these individuals, hiring a property management company can be a huge relief by providing them with time again to spend with their friends and family, as they will no longer have to deal with tedious landlord duties such as taking care of maintenance, collecting rent, and actively searching for new tenants, as these tasks will be taken care of for them by their property manager.
These are just a few of the ways in which hiring a property management company can benefit landlords. Contact us to learn more about how hiring a property manager today could help to make your life easier.