Property management is extremely important for the client and tenant relationship. Renting out your property and managing it on your own sounds easy but in reality can cause you more stress and time than you were willing to put in to it. When you are managing your own rentals, how do you avoid the maintenance questions, collecting the rent on time, late night calls, etc? Here is where a property management company can help elevate some of that pressure and stress.
According to Realtor.org there are 10 fundamentally important reason's to hire a property management company.
Link below for siting and reference. Article by Brenton Hayden
1. No More Wake-Up Calls
There’s a problem at the rental, and as the landlord, it’s your job to fix it. With a property manager, you’ll be able to say goodbye to late-night emergencies. When a problem arises, the property manager will get the call and respond accordingly.
2. Turbocharged Tenant Sourcing and Screening
Property managers have access to a wealth of resources that enable them to find new tenants faster, helping you to keep those vacancy rates down. Not only that, but they’re also able to thoroughly screen tenants. They know what to look for and what questions to ask.
3. Regular Maintenance and Repair Help
With a property manager, you don’t have to be the on-call maintenance person/gardener/pool boy anymore. Your property manager will perform routine maintenance for you, preventing small issues from getting out of control. When repairs are in order, the property manager will show up on-site at the first sign of trouble. Since they deal with this type of thing all the time, they’ll also have a database chock full of vendors and contractors who do reputable work at fair prices.
4. Avoid Messy Legal Problems
Keeping up with landlord-tenant law can be tedious and quite costly if you’re not up to speed. New regulations are constantly coming into effect, and staying out of trouble depends upon your compliance with these laws. A professional property manager should be experienced with landlord-tenant law and able to navigate the various complexities to make sure you stay on the right side of it.
5. Get the Income Balance Right on Your Properties
According to Rent.com’s 2014 Property Owner and Manager Report, 85 percent of property managers reported raising their rental rates in 2013. An experienced property manager who knows the market is familiar with that sweet spot: the amount of money that you can realistically charge without risking longer vacancy rates.
6. Keep an Eye on Your Property Without Having to Watch It
Whether you’re a long-distance landlord or just down the block, keeping a close watch on your property is important. Having a property manager means that your home will be checked on routinely. This is especially important during vacancies, as empty properties are prime targets for vandals. A property manager will be able to keep the property well-maintained, giving it a lived-in, occupied appearance.
7. Stop Being the Bad Guy
As landlord, it’s your job to enforce the terms of the lease. Unfortunately though, this is easier said than done. When a tenant brings in one too many dogs or there’s an issue with smoking indoors, things can get ugly. With a property manager, you don’t have to show up and try to reason with the tenant who’s arguing the merits of turning backyard trees into firewood. Instead, let your property manager handle it.
8. Never Hear “The Check’s in the Mail” Again
The check is always in the mail! As a property owner, you depend on the rent arriving each month on time. When this doesn’t happen, there’s often a tremendous amount of time and effort involved with tracking down the rent. Letting late rent slide can create a situation where the tenant is able to live in your property rent-free, for as long as it takes to evict them. A property manager will be your no-nonsense rent collector and will take immediate action if the rent is late. They’ll document all steps taken and remain in compliance with the law.
9. No More Dreaded Evictions
Evictions are the bane of every landlord, and understandably so. There’s a tremendous amount of red tape surrounding the lawful eviction process, and no, changing the locks while the tenant’s out just isn’t an option. A good property manager is on the ball and able to handle evictions for you — quickly, efficiently, and in compliance with state code and regulations.
10. Have the Freedom to Invest in Better Housing Markets
Finally, property managers make life easier — so much easier, in fact that you may be tempted to get yourself a few more rental properties. With a property manager, you’ll even be able to invest in properties that are out of town; since you won’t be managing them yourself, it won’t matter where you invest. This allows you to take advantage of more affordable or growing housing markets.