If you have a property or multiple investment properties, it may be worthwhile for you to invest in the help of a property manager. A property manager can help take over control of the day-to-day management of your properties and can be particularly beneficial if you live a lengthy distance away from your investment property.
They can also assist if you do not wish to deal directly with the tenants or you simply wish to have more time for yourself and your family. Hiring a property manager will give you more time for yourself, your job or your family as you will not be personally tasked with ongoing requests for maintenance, collecting rent, locating tenants or putting the house on the market when a lease is finished.
Deciding to hire a property manager can be particularly beneficial for you if you have multiple rental properties, especially if they are far apart, making it more difficult to manage effectively.
Employing the assistance of a property manager can limit the amount of time that your rental property is vacant in between tenants. A property manager will know what cosmetic improvements the property will need before it goes up for lease and they will also know the going rental rate for similar properties in your area. They also have a well refined marketing strategy and will be able to market the property on multiple platforms such as online, on leaflets and in the newspaper.
Having a professional manage tenant turnover will help you save time and money, meaning you a tighter rent collection process where rent is collected on a regular basis, ensuring that your cash flow from the property is consistent.
Streamline the Process
Choosing to hire a property manager for your rental property can also lead to lower maintenance and repair costs. As a property manager, they will have access to a group of licensed and trusted builders, painters, gardeners and handymen to repair the property when necessary.
This will save you the stress of worrying whether the work that is being done is of a high quality, and your property manager will likely have a network of tradesmen, meaning they may also be able to get a discount for you.
Property managers will also have an established tenant screening process and can screen potential tenants more effectively than you may have been able to do yourself, resulting in more reliable and trustworthy tenants as well as rent that is paid on time, lower and less frequent repair costs and most likely a more long-term arrangement.
Deciding to employ a property manager is a good idea if you do not wish to deal directly with tenants. It can help by putting a buffer between yourself and your tenants, enabling the relationship between yourself and your tenants to remain a business relationship.
When dealing with tenants, property managers have an advantage over the property owner as tenants understand that they are simply doing their jobs and are obliged to follow the terms of the lease, the same way that the tenants are obliged to do.