As a property owner, there are some big decisions you must make regarding your investment in your rental property. One of which is how to handle the management of your investment.
The big question is “Should you self-manage, or should you hire a property management company for your rental property?”
Self-managing is an option if you have the time, skills, and industry experience. If you lack any of these, then you may be better off hiring someone who is qualified to manage your rental property for you.
A good property manager can help you and your property in many ways. They can help you fill vacancies with the right tenants, set the right rent price, handle repairs and maintenance, and much more.
Let’s look at the seven benefits of hiring a property management company.
1. Get peace of mind
Freeing up time is one of the main reasons why owners choose to hire a property manager. You’ll no longer have to worry about:
Tenant issues — you won’t have to worry about things like late rent payments or late-night emergencies.
Legal compliance — your property manager will help you stay compliant with all relevant federal, state, and local laws.
Property repairs and maintenance — they have the skills and experience to ensure your property always stays in top-notch condition. When a repair is needed, they will know who to call to get the job done properly.
2. Marketing your rentals to the right audience
A good property management company will help you market your property to the right audience. This will not only speed up the time it takes to get a tenant, but it’ll also help you save money.
To achieve this, a management company will use a variety of marketing channels. For example, eblasts, social media and online listing platforms.
3. Find good quality tenants
Renting to the right tenants is key to the success of your rental business. So how exactly do you find good quality tenants?
You need to know how to filter good tenants from potentially problematic ones. You can only do this by having a good screening process that involves checking the tenant’s level of income, creditworthiness, and rental history.
Fortunately, a good property management company can do this. Since they oversee managing the tenants, they’ll be more inclined to find great tenants.
4. Help you rent to long-term tenants
Tenant turnover is a nightmare for landlords. They are costly and result in zero income at the end of the lease term. A good property management company understands this. They will make it their goal to ensure your property is always rented.
How can a property management company help you find reliable and long-term tenants? They can achieve this by:
Ensuring the property is always in top-notch condition.
Treating tenants with respect and responding to all maintenance issues promptly.
Properly vetting all tenants when they apply for the unit.
Doing so can lead to a tenant feeling valued and appreciated. In turn, this incentivizes them to rent for a longer period.
5. Keep your property legally compliant
Legal problems cost a lot of money and take up a significant amount of time. Without good experience, you may find yourself in constant legal issues. From rental ads to tenant screening to habitability laws to tenant evictions.
Hiring a good property management company can help you avoid these potential legal issues. They do this by performing:
Good tenant screening process free from any bias or discrimination.
Lawful inspections that do not violate the rights of your tenants.
Right rent collection practices
On those rare occasions, ensure a smooth eviction process that follows all laws to the letter.
6. Can help you maximize your rental income
A property management company will have experience, knowledge, and partnerships from the years they’ve been operating. This can help you as an owner to reduce your operational expenses and maximize your rental income. For example, their partnerships with local service providers and vendors can get high-quality products and services.
7. Can help you simplify the rent collection process for you
Hiring a good property manager can help guarantee you a steady flow of income, as well as a stress-free rent collection process.
With all this in mind, there is no doubt that hiring a property management company can help you achieve your investment goals. Remember, though, not all property managers are created equal.
It is important for you to do your due diligence by interviewing all potential property management companies. This alone can make all the difference.
For more helpful advice on getting the most out of your property investment, sign up for our monthly newsletter at www.ruthianllc.com.