If you are a landlord, or about to become one, you know how financially rewarding owning a property can be. Similarly, being in a position of having a property that you’re able to rent out has a certain amount of pride to it. If you’re considering renting your home, apartment, condo or townhome, you should know that maintaining a property can be quite an undertaking. You may have found yourself wondering if hiring a property manager would help.
Benefits of Hiring a Property Manager
- Tenant Screening – Property Managers are able to complete criminal background and credit checks, employment and income verifications, and reference collections in an efficient manner because it is a part of their daily task list.
- Regular Maintenance and Repairs – Property managers work closely with vetted and insured vendors so that your property maintenance and repairs are done right, the first time.
- Compliance with Housing Regulations and Property Laws – A property management company has extensive knowledge to help you navigate and make sure you are in compliance with all the local, state, and federal housing laws and regulations.
- Knowledge of Local Rental Market – You won’t have to spend hours looking through classified ads, wondering what to charge for your rental because property management companies already know what the current market values are in your area. They conduct regular market research, so you can stay competitive.
- Rent and Deposit Collection, Late Fees and Evictions – Property managers have efficient systems in place to effectively collect payments on time. If tenants aren’t in compliance, they will charge appropriate late fees and handle the eviction process. This allows you to avoid the hassle.
- Financial Records – Property managers provide monthly expense and cash account statements, and manage deposit escrows, relieving you of the bookkeeping headache. They will also provide end-of-year accounting information that you can provide to your tax professional.
- After-Hours and Emergency Calls – To prevent the headache of late-night and emergency calls, a property management company has the staff to deal with the after-hours emergencies that pop up from time to time.
- Property Marketing and Advertising Expertise – As stated above, property managers conduct regular market analysis to ensure your rent is competitive. They have years of expertise and are able to ensure your property is rented in a timely and efficient manner.
- You Don’t Live Near Your Property – Not being in the same geographic region as your rental property can offer some unique setbacks. A property manager is close-by. They’re ready to address any questions or concerns that may arise that you are unable to deal with because you are across town, across the country, or on the other side of the world.
- More Free Time – This is arguably the most beneficial perk of hiring a property manager. Many landlords hire property management companies because they will act as a liaison on your behalf. That way you can spend more time doing what you want to do.
