Owning a rental property is a dream for many people across the country. It’s a way to generate monthly income and build long-term growth.
When becoming an investment property owner, you must decide whether to manage the asset independently or hire a property manager.
Some people love handling everything themselves. But you don’t have to do it independently. Considering what goes into dealing with tenants and property upkeep, more and more rental property owners are outsourcing landlord duties.
A professional property manager will be your business partner. The service provider can handle whatever landlord responsibilities you want to delegate.
Here are five reasons why hiring a property manager could be one of the smartest things you ever do as a rental property owner.
1. They Find Quality Tenants
Perhaps the most critical duty in rental real estate investing is screening tenants. On the one hand, tenants who don’t pay on time or damage the property will cause headaches. On the other hand, tenants who pay rent on time and don’t cause trouble will be a blessing.
Property managers have the resources and know-how to properly screen applicants. They screen by checking employment, credit reports, rental history, and reference letters to ensure that you’re renting to good tenants.
2. They Handle Administrative Tasks
Administrative tasks like rent collection are usually the most frustrating thing about being a landlord. It can eat up a lot of your time—time that you might want to use to do other things.
Property managers can spare you this issue by taking responsibility for collecting rent, which means you won’t have to track down tenants or follow up with those who are late.
3. They Address Repairs and Maintenance
A rental property will require maintenance and repairs. It’s something you can’t escape. Whether it’s a dripping faucet or an inoperable furnace, you’ll want to go about handling repairs sooner rather than later.
It doesn’t make sense to find good tenants and then treat them in a shoddy manner. Good tenants won’t stick around for long if you don’t prioritize taking care of the rental property. But what can you do if you’re short on time?
The answer is to hire a property manager. The service provider will stay on top of maintenance and repairs, as well as find contractors and suppliers charging competitive rates.
A property manager can also handle logistics. So, you won’t have to worry about handling tenant calls in the middle of the night.
4. They Ensure Legal Compliance
Landlords must adhere to various laws. They encompass fair housing laws, lease agreements, eviction procedures, and building regulations. Non-compliance in any fashion, even inadvertently, can lead to fines or legal action.
You can count on a property management firm to understand the laws and equip you with the information you need to make good decisions.
5. They Reduce Vacancy Levels
Vacancies are a scourge for people who own rental properties. Empty rental units won’t generate any revenue, after all.
Property managers know the best way to advertise rentals. They’ll take professional pictures, post effective online ads, and do more to attract the right demographic. You’ll find quality tenants faster.
Investing in rental property can be a very lucrative investment. But it doesn’t have to consume your life or be a source of excessive stress. With a property manager on your side, you’ll have a professional working in your best interest.
If you’re serious about owning an investment property, an investment in a property manager will be the best thing for your real estate strategy. It could be the difference between achieving overwhelming success and failing to accomplish your goals.