10 Reasons to Hire a Property Manager
You have a rental property but you don’t have the time or expertise to manage it, run it, collect rents, and find good tenants and so on. The job of managing and running a rental property can be overwhelming and time consuming. A property manager can help you will your specific rental needs at a nominal cost.
Here are 10 reasons that will help you make your decision to hire a property manager.
1. Competitive Rental Rates. A property manager knows the rentals rates in the area for comparable properties and they can help you set an appropriate rate so that your property can be rental in a timely fashion.
2. Advertising, Marketing, Social Media. A property manager knows where to advertise your rental property, which publications and websites and the keywords that bring exposure to your property and make your property first and foremost on web searches.
3. Inspections. A property manager performs inspections before tenants move in. They know the inspectors and which ones who are professional, punctual and efficient. This can save you plenty of money if you have the best inspections.
4. Tenants. Property managers take care of credit checks, employment verification, criminal background checks, previous landlord references and other services so as to secure the best tenants for your property. These background checks are invaluable and the property manager has access to the best services to make sure you get the best tenants.
5. Laws and Regulations. A property manager knows and is up-to-date with the Property and Tenant laws, regulations and requirements. A property manager can keep you and your property in compliance with the local, state and federal law so you can avoid potential lawsuits.
6. Collecting and Depositing Monthly Rent Payments. A property manager has a computer program and system to timely collect the rent, deposit it into your account and to flag late payments. The property manager also knows how to secure payments, including late payments. This gives you peace of mind and positive cash flow.
7. Maintenance and Professional Services. A property manager knows many experts in the trades and crafts who will properly and professionally fix and repair any problems, paint, and landscape and perform other property maintenance services with no hassles and delays to you. This can save you time, money and headaches with your rental property.
8. Property Location. A property manager is useful if your rental property is not convenient to your domicile. By having a property manager take care of your rental property, especially if it’s in another state or city, your property can be overseen and maintained by local personnel. It frees you of having to travel to your property.
9. Property Management Fees. A property manager charges a percentage of the monthly rental rate. It is usually inexpensive and worth the service.
10. No Hassles. A property manager alleviates the hassle of the routine tasks dealing with a property, keeping up-to-date on in, and freeing you to focus on your daily life.