It’s the new American Dream. Earning wealth through passive income from one or more rental properties. Of course, if you manage this real estate on your own, then you already know there’s nothing passive about it.
From water leaks to post-rental clean-ups, communicating with renters to advertising the property, rentals can quickly eat up your precious time. Of course, if you don’t keep on top of these responsibilities, you stand to lose money.
That’s some catch-22. Fortunately, hiring a property manager can revolutionize your life.
But what does a property manager do? Read on for five reasons you should hire a property manager and how they work.
1. Get Help with Maintenance
DIY projects may sound fun at first, but when you’ve got emergency plumbing or electrical issues going on, it’s a whole different situation.
Add to this 3 am calls to your house line to complain about these problems, and you’ve got the makings of a nightmare. But it doesn’t have to be this way.
When you hire a property management company, they’ll take care of all property repairs. And they’ll do it in a timely fashion so that you avoid rental downtime.
In fact, a good property management company will have a dedicated service crew as well as numerous contacts for extra big jobs. Providing solid, consistent maintenance for your tenants is a win-win for you and them.
2. Representation When You Live Out of Town
Dealing with renters proves a particular challenge when you live far away from your property. Scheduling basics such as rent collection, property inspections, and basic maintenance can take on unnecessarily complicated proportions.
But when you have a property management company close by, they’ll handle all of these details for you. Not only does this arrangement make life easier for you, but your renters will appreciate having someone close at hand, too.
3. Keep Renters Happy
Creating long-term relationships with tenants is one of the best ways to ensure a steady income from a rental property. When you work with a professional property management company, you gain the key to customer satisfaction.
Property management companies specialize in dealing with renters. They excel at customer service and bring the highest levels of professionalism to the table. They show your renters that you mean business in a good way.
4. Stay Legal
Landlords face costly legal battles every single day. Why? Because they show a lack of professionalism and legal knowledge when it matters most.
When it comes to proper notices, eviction procedures, and lead and mold disclosures, do you know the law backwards and forward? What about fair housing regulations or housing and building codes?
There’s no shame in answering no to these questions. But do yourself a favor and hire a property management company to handle the legal side of real estate for you. That way, you can avoid lost money and time in court.
Remember, ignorance is not an alibi. Instead, get the right team on your side. Then, start enjoying your newfound peace of mind.
5. More Business
Whether you own a beach condo, urban flat, or boutique apartments, your worst enemy as a landlord is a vacancy.
Fortunately, you can kiss vacancy goodbye with a property management company. Why? They have a wide range of resources to ensure your next renter shows up tomorrow rather than next month or next year.
From obvious listings on Zillow and Trulia to internet advertising and property showings, they’ll help you keep your property occupied and your pocketbook full.
Why You Should Hire a Property Manager
When you hire a property manager, you take the guesswork out of making your rental property profitable. You also provide your tenants with better customer service and a higher level of professionalism.
Still not sure if investing in rental real estate is right for you? Read on to find out more about the pros and cons of this type of investment.