If you own a piece of property and are unsure of what to do with it, hiring a property manager may be the best option to get the most from your investment. A decent manager will be able to add great value to your property and offer you a better return if you decide to sell it. Here are the 6 benefits of hiring a property manager can save you in the long run:
1) They can bring in better tenants.
A good property manager knows what to look for when it comes to the type of tenants you should allow on your property. They also know the warnings signs you should avoid. It can be extremely difficult to remove that bad apple, but if you have advanced screening techniques a manager will provide, then you’d never have to worry about accepting them in the first place. It will be easier to discern the good from the bad so you only have residents that pay on time, take care of their unit, cause less issues, and stay longer.
2) Will result in fewer legal issues.
You already know that bad tenant is troublesome, but oftentimes it can become a legal and eventually financial burden. A good manager knows all the laws and has all the tricks up their sleeve so as not to leave you vulnerable.
3) Able to get your units up and running faster after a vacancy.
Once a tenant has left, there is a lot of preparation left in your hands to get the it ready for the next person. Having a property manager makes this process go quicker and smoother. They will be in charge of any cosmetic issues, figure out the best rent rate, and properly market your property or unit so you can maximize your revenue.
4) You’ll receive better tenant retention.
As you well know, there’s a hefty cost that comes along with having a high turnover rate. You have to clean, change locks, paint, have possible repairs, market, and so on. Having a property manager who is good at their job will know how to keep current tenants happy so they want to stay longer. That’s more money in your pocket.
5) You’ll have a better rent collection process.
To have the greatest success at becoming a landlord, you must collect your rent on time every month. Any obstruction to the cash flow means you’re opening the door for failure. Hiring a property manager will allow a sort of buffer between you and your tenants so they can chase down rent if necessary, listen to the excuses, and evict when it becomes too much. There will be less stress on your shoulders.
6) Lower costs for maintenance and repairs.
If you hire a management staff, you will have access to their whole staff, including properly licensed mechanics and repair workers. Having a good team behind you means the tenants are happier, they will stay longer, and make you look great in the process. A property manager will know how to hire these professionals as well as find discounts on the work itself.
Owning and managing your own property can be tough work. It takes a lot of patience, skill, and proper knowledge to be able to know all the ins and outs of the business. Hiring that special someone to take over those duties for you will ultimately save you a lot of money and hassle in the long run.
