10 PERKS OF HIRING A PROPERTY MANAGER
by: Remie Longbrake | published: July 14, 2024
For most would-be landlords, rental management seems like a straightforward process. You buy a house, rent it out, and collect rent every month. Simple, right?
Well the truth is, things aren’t always so straightforward. Tasks like advertising the property, screening applicants, and keeping the property in good condition can all be tremendously time-consuming when you’re doing it by yourself. And once you have two or three properties, that time multiplies exponentially.
Whether you’re tired of spending your weekends mowing lawns and doing maintenance, or you’re thinking of adding a few properties to your portfolio, you may want to consider bringing a property manager on board. A property manager will take on much of the day-to-day work for you. A property manager also represents excellent long-term value when you consider that outsourcing the everyday rental tasks frees you up to focus on other things, like growing your portfolio, or managing your investments.
Below are some perks of hiring your next property manager.
1. They do the tenant screening
One of the great things about a property manager is the fact that they can handle the entire tenant sourcing and screening process for you.
Advertising vacancies and then processing applications can be a tedious and time-consuming process. It’s also an area that also requires a working knowledge of landlord-tenant law. For instance, not only will you want to perform thorough credit and background checks, but you’ll also want to make sure you do so in a way that complies with the law; helping you to avoid harmful accusations of discrimination.
Since a reputable property manager will have extensive experience sourcing and screening tenants, they’ll also be well-equipped to handle all of the necessary steps and paperwork for you professionally. They’ll also be able to streamline the process to help you find a qualified tenant as quickly as possible.
2. They can help lower vacancy
Every month that your property sits empty is one month’s rent that’s lost. Not to mention you’ll also be responsible for the utilities and other bills while the property’s vacant as well. For most landlords, looking to cut vacancy times is key to maximizing profits. A good property manager will help you get your property to market and rented as efficiently as possible. Since they’ll know the ’sweet spot’ when it comes to pricing your property competitively, a good property manager will be able to help ensure that there’s minimal downtime between tenants.
3. They handle the rent checks
“The check’s in the mail,” “I’ll get it to you this week,” “I’ll have to pay you a few days late this month…” The excuses associated with late rent are something that most landlords have had to deal with at some point or another.
With a property manager, though, there’s no need to worry about chasing after late payments. If your tenant is late with the rent, you can guarantee that your property manager will follow up and enforce the late fee. Since most property managers collect their payment from the rent as well, they’ll be motivated to keep those payments rolling in. And worst case scenario, they’ll be able to execute the eviction process when necessary as well.
4. They’re familiar with landlord-tenant laws
One of the biggest concerns for landlords, far and wide, is dealing with potential legal issues that arise andmaintaining compliance with the law. As a landlord, it’s your responsibility to keep up with landlord-tenant laws, and continually adjust your policies and procedures to maintain compliance. The law is always changing, and keeping up with the federal, state, and city-specific regulations and requirements can be difficult.
Areas such as theFair Housing Act, making disclosures to tenants, and handling evictions and security deposits are just a few areas that are important to pay close attention to.
The good news, though, is that a reputable property manager is aware of the updates and changes, and should be able to oversee your property in a way that’s in compliance.
5. They communicate with the tenant
Let’s face it: dealing with the day-to-day issues that arise with your rental is one of the least favorable aspects of being a landlord. Phone calls about overflowing toilets, A/C units going out in the middle of summer, and faulty appliances always seem to come through at a bad time.
With a property manager, you’ll be free from being on-call 24/7. They’ll handle the situations as they arise and keep you informed, and you can say goodbye to frantic searches for plumbers in the middle of the night.
6. They can nurture positive tenant relationships
Good communication and interpersonal skills are game-changing assets when you’re a landlord. But when you’ve got too much on your calendar, it’s hard to juggle landlord duties while also fostering meaningful connections with your tenants. Also, not everyone enjoys small talk or personal interactions, and that’s okay!
Good property managers can be the tenant relationship builders you need to keep your renters happy and (ideally) renting from you for longer. They will treat your tenants in a friendly, professional manner, and will be able to respond to tenant’s requests in a timely manner.
7. They can market your property
If you want to stand out and attract quality tenants, putting up a “for rent” sign on a property and calling it a day isn’t going to cut it anymore. The real estate industry is also rapidly keeping up with digital marketing trends. Rentals are being listed on various online platforms and promoted on social media.
Today, there’s so much more that goes into marketing a rental property. Compelling property listings need to highlight your property’s unique features and have professional-quality photos or videos. Property managers can use their keen eye for detail and in-depth market knowledge to create listings that showcase your property effectively.
9. They can handle the maintenance
From leaky faucets to overgrown lawns, it seems like there’s always something that needs fixing when you own a rental unit. But when you work with a property manager, they can handle maintenance issues before they drain your wallet.
A good property manager will be able to work with you to create a proactive maintenance schedule. If your property’s in top-notch condition, it’s more likely to attract reliable, long-term tenants who are willing to pay more for a well-maintained rental. And when a tenant leaves, property managers can ensure that everything is in order in the unit, and then prepare it for viewings. Maintaining the curb appeal of your property may not be a glamorous task, but neglecting those things can make or break a potential tenant’s impression of the home. When you’re working with pros, you won’t have to stress about property upkeep anymore.
9. They could save you money
Maximizing rental income isn’t always easy. Managing rental properties can quickly become a financial balancing act, with unexpected expenses lurking around every corner. With costs for maintenance, repairs, tenant turnover, and more, the financial burden can add up fast.
Fortunately, a good property manager can help. Sure, you’ll need to pay a fee for their services, but the value that an experienced property manager provides means this is one investment that could be worth making. They can leverage their industry connections, negotiate the best deals on maintenance and repair services, and help ensure you get top-notch quality without breaking the bank. But the savings don’t stop there. Experienced property managers are also masters of efficiency and can help to streamline operations. They’re always thinking one step ahead, whether that’s by optimizing rental rates to reflect market demand or implementing cost-effective marketing strategies to attract long-term tenants. Plus the value that a property manager provides in terms of time-savings alone can make it a smart financial move.
10. They’ll save you time & energy
Placing ads, corresponding with tenants, dealing with maintenance, and arranging for repairs all takes time, and lots of it. This, of course, is multiplied by the number of rentals that you have. With a property manager handling the day-to-day responsibilities of property management, you can reclaim precious time for yourself and your loved ones.
At the end of the day, hiring a property manager will reduce a great deal of the stress and headaches that traditionally come with being a landlord. And best of all, they can free you up so you can spend your time on other, more important things. You won’t have to worry about all the small tasks that add up and cost you in time and energy. Instead, you’ll be able to finally sit back and collect the rent every month, and who don’t like that!?