Learning Center > 5 Reasons to Hire a Property Manager
Chances are you are looking to maximize the profit from your investments as well as maintain and increase the value of your properties.
Here are some reasons why you should hire a property manager:
1. You’ll Make More Money With a Property Manager
Many property owners are afraid to hire a property manager because of the cost involved – not realizing they will actually make more money in the long term due to the increased care of the property and higher rents collected . You will get better tenants that stay longer and have less damage and repairs to deal with. Plus,the management fees are tax deductible.
2. Property Managers Will Save You Lots of Time and Headaches
How much time does it take to be your own landlord? Could you be making better use of your time? It can be a full-time job to track rent payments, collect late fees, deal with complaints and repairs, prep the property for new tenants, find vendors, and deal with bad tenants. Relinquishing these ongoing responsibilities to a good property manager can take the stress out of your investment allowing you to focus on your family and career.
3. Better Tenants Thanks to Screening and a Bigger Pool Of Potential Renters
If you hire a property manager with experience, they will know exactly how to find the best tenants and screen out potential tenants with a bad history. Property managers have a bigger pool of applicants to choose from due to their extensive marketing and advertising programs. The result is better quality tenants in your property that pay rent on time and renew their lease.
4. Property Managers Know the Law
How much do you know about the laws that apply to being a landlord? One of the biggest advantages to hiring a professional full time property manager is the ability to avoid some legal hassles and reduce your liability. With a full understanding of all the state and federal laws when it comes to discrimination in screening and selecting tenants, property managers avoid breaking discrimination laws. In the event that an eviction becomes necessary, an experienced property manager will know how to handle it in a way that will save time and money while staying within the boundaries of the law. A property manager knows about legal requirements for rentals such as smoke alarms and screens.
5. Property Managers Serve As a Buffer Between Owners and Tenants
When using a property management company, a property owner is able to keep a professional distance from their tenants. Getting too personally involved can result in being too lenient on certain issues or too defensive about certain types of complaints. Renting out a property is a business and it is much easier for a property manager to keep things on a strictly professional level. When issues arise, a professional property manager is better prepared to deal with the problem effectively.