If you’re a landlord who would rather have someone else handle the extensive details of managing a property, hiring a property management company might be the right choice for you. While hiring a property manager typically costs 7-10% of your rental revenue, they can also help streamline your business and free up your time.
Take the time to research and interview several companies. Choosing a property management company is a big decision, and not every property manager will offer the same level of service or be the best fit for your needs. But, when you find a good one, you may never want to go back to managing rentals on your own.
Take the time to research and interview several companies. Choosing a property management company is a big decision, and not every property manager will offer the same level of service or be the best fit for your needs. But, when you find a good one, you may never want to go back to managing rentals on your own.
Here are a few benefits a property management company can provide.
Tenant Screening
Experienced property managers see hundreds of applications, so their trained eyes are more likely to notice potential red flags when reviewing an applicant’s paperwork. Letting a property manager handle the tenant screening process can improve your chances of landing a reliable tenant.
Acting as the point of contact for tenant concerns
If something breaks at your property, it’s not always convenient or possible to drive over to the unit to inspect it yourself (especially if it’s in another town or state). A property manager can address problems at all hours of the day and arrange for a service provider to repair or replace the item. Or, if you have a tenant who always seems to have a complaint, be it the noisy neighbors or the barking dog, you can breathe easy knowing that the property manager is the point of contact for those types of calls.
Decreasing Tenant Turnover
Good property management companies know how to keep their renters happy. They are responsive, available and take care of problems as they arise. Happy renters are less likely to look for another place to live and more willing to accept reasonable rent increases.
Compliance
Landlord / tenant laws can be complicated and confusing. Property managers stay up to date on all of those laws so you don’t have to whether it be related to service animals, security deposit deductions or properly noticing tenants.
Reducing your rental headaches
If someone else is handling the daily management of your rental property and tenants, you’ll have fewer complications and commitments to worry about. If more time and less stress are key to your quality of life, a property management company can be a great asset.
Investing in rental real estate can contribute to your monthly cash flow and build long-term wealth — but day-to-management isn’t for everyone. If you just want a rent check and don’t want to be responsible for all of the details of your real estate investment, leaving it up to the pros can be well worth the cost.
Some content courtesy of https://www.zillow.com/rental-manager/resources/5-benefits-property-managers/
Experienced property managers see hundreds of applications, so their trained eyes are more likely to notice potential red flags when reviewing an applicant’s paperwork. Letting a property manager handle the tenant screening process can improve your chances of landing a reliable tenant.
Acting as the point of contact for tenant concerns
If something breaks at your property, it’s not always convenient or possible to drive over to the unit to inspect it yourself (especially if it’s in another town or state). A property manager can address problems at all hours of the day and arrange for a service provider to repair or replace the item. Or, if you have a tenant who always seems to have a complaint, be it the noisy neighbors or the barking dog, you can breathe easy knowing that the property manager is the point of contact for those types of calls.
Decreasing Tenant Turnover
Good property management companies know how to keep their renters happy. They are responsive, available and take care of problems as they arise. Happy renters are less likely to look for another place to live and more willing to accept reasonable rent increases.
Compliance
Landlord / tenant laws can be complicated and confusing. Property managers stay up to date on all of those laws so you don’t have to whether it be related to service animals, security deposit deductions or properly noticing tenants.
Reducing your rental headaches
If someone else is handling the daily management of your rental property and tenants, you’ll have fewer complications and commitments to worry about. If more time and less stress are key to your quality of life, a property management company can be a great asset.
Investing in rental real estate can contribute to your monthly cash flow and build long-term wealth — but day-to-management isn’t for everyone. If you just want a rent check and don’t want to be responsible for all of the details of your real estate investment, leaving it up to the pros can be well worth the cost.
Some content courtesy of https://www.zillow.com/rental-manager/resources/5-benefits-property-managers/