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Are you thinking about hiring a professional property manager for your real estate holdings? It’s a great way to add value to your investment. A good property manager can mean fewer headaches for you.
How much of an impact can a property manager have on your day-to-day life? The right one can have a great impact!
Handling multiple properties can be a very time-consuming job. Keep reading to peruse this list of reasons why you should hire a licensed property manager.
1. Lower Maintenance and Repair Costs
80% of property managers handle the maintenance and repairs necessary for all real estate properties. When someone is on top of maintenance requests and repairs, you’ll have happy tenants and less turnover as well as well-kept properties.
The property management company will have a network of licensed, bonded, and insured contractors. These vendors are already vetted for quality work and fair pricing. That saves you time trying to find someone you can trust. You may also enjoy volume pricing.
2. Rent Collection
Properly handling rent collection can make or break you as a landlord. It’s imperative that you collect rent on time every month for consistent cash flow. Your tenants have to understand that you’re not bending on on-time rent payments.
Your property manager can act as the bad guy when it’s time to chase down rent and/or start the eviction process if it comes to that. Property managers have an advantage over landlords because the tenants respect that the management company is doing its job in enforcing the terms of the lease agreement.
3. Tenant Retention
A good property management team will do all the things that keep tenants and landlords happy. They screen potential tenants to get the good ones in your rental property. They market and show the property.
They keep tenants happy by handling complaints and acting upon them in a timely manner. This saves you the money it costs when tenants move out and you have to market and prepare the property for new tenants.
4. Less Stress
The property manager handles overnight emergencies, chasing down rent, evictions, marketing, paperwork, applications, tenants who wreck the property, etc. Not having to deal with all that leaves you with a lot less stress.
5. Fewer Legal Issues
A good property manager knows the latest landlord-tenant laws and will advise you so you won’t be vulnerable to a potential lawsuit. It only takes one lawsuit to ruin your investment.
Fort Lowell Realty can help you find qualified tenants, collect rent, handle evictions, keep track of paperwork, and more. Contact us for property management services.
Hire a Licensed Property Manager
If you choose to contract a property manager, make sure it’s a licensed property manager with a good reputation. You don’t want to risk having someone disappear with your rent payments. Verify their license on a government website. Also, pay careful attention to the contract terms before signing with a particular property management company.
If you’re looking for more real estate info, be sure to browse through the additional articles under the real estate tab. We also cover interior and exterior home improvements, plumbing, rental design, and more.