You recently bought a property and you wanted to turn it into a rental. Initially, you might be thinking of managing your property because it saves you a lot of money. However, is it really the best the option? Maintaining a rental property can be difficult especially if you don’t have a lot of time running a business. Weigh the pros and cons first.
These days, it makes sense to hire someone who’s an expert – a professional property manager who will handle your real estate affairs can be worth it down the road.
Here are the top six reasons why you should consider hiring a professional property manager:
Marketing and advertising your rental property
A property manager knows how to best market your rental. They have years of experience under their belt, plus plenty of resources such as online ads, tools, and platforms to list your property. They also have an extensive knowledge about rental rates currently in the market and can outsmart other rental properties in a number of ways.
Some managers may even have options to stage the property to accumulate more interest. Thus, this can be an advantage on your part to avoid long periods of vacancies and to fill it in more quickly.
There are also property management companies like Pedersens who offer more than just property management. They provide options such as professional quality photographs to ensure your property is presented at its best, print advertising, signages, online booking and many more.
Handling the paperwork
If you’re not a fan of technical paperwork, then you can hire a professional to handle it for you. Your property manager will be responsible and will see to it that your lease complies and submits all required documents. They’ll ensure that all documents regarding the rental are legally executed and correct. Moreover, they can set up payment collections that are done electronically as well as other deposits such as a pet or advanced deposit.
Your agent will closely monitor your tenant’s payment activities and will act accordingly if there are any missing or late payments. Some agents still have a rental policy wherein tenants are instructed when and where they will send in their payment.
A great agent, on the other hand, will suggest an electronic payment collection wherein payments are automatically withdrawn from a tenant’s account. It’s an efficient method to collect rent and on-time payments. Particularly, it’s useful if you own many properties and if making timely payments is vital to managing your cash flow.
Handling maintenance and repairs
Of course, you always want your rental property to be kept in excellent condition. Your property manager can do this by implementing maintenance programs and making sure the tenant strictly abides by it. They’re also there to deal with maintenance requests and other issues raised by tenants.
Moreover, your property manager will also ensure that you comply with property laws and regulations regarding the rental and maintenance of your real estate.
Taking care of the eviction process
Aside from finding suitable tenants, your property manager will also handle aspects that concern the tenant-landlord relationship. They are also there to handle stressful situations where conflict resolution is required for taking care of the eviction process.
Your property manager knows all the state, federal, municipal housing laws and ordinances that might affect your rental. They are there to protect your property and investment. Therefore, if eviction is required, it’s their job to have the tenant legally removed from your property as well as putting the rental back up to the market.
Managing Taxes and Insurance
Your agent can also manage the taxes and insurance for your property. It usually comes at an additional cost, but if you’re not so keen on keeping up with these payments, you’ll greatly benefit from your agent as they handle these affairs for you.
Should you decide to move forward in hiring a professional? Avoid the mistake of being an absent owner. Be more attentive on how your property is being managed. Before deciding to hire a management company or a property manager, it is vital to do your research first. Do company interviews and check out the reviews from past customers. Where these people happy with the company’s service, overall? Then, compare the prices and services they are offering before you decide.
Again, hiring a property manager might seem costly for some, it ’s a worthwhile investment. In fact, the benefits of hiring one by far outweigh the cost.