As a rental property owner, you may be trying to decide whether to use a property manager for your property. When conducting your research, not only do you want to take a look at the costs, but you also want to look into the benefits of property management. In doing so, you’ll be able to get a clearer idea of whether or not it is a good business decision for you.Utilizing a property management company comes with countless benefits. Let’s take a closer look into the property management benefits and how hiring an outside company can help you manage your property more effectively.
Market Your Rental Property
Because property management companies are the experts with rental properties, it is no surprise that their marketing skills will be highly beneficial to you. The property management company can handle different aspects of marketing, including hosting open houses, taking high-quality photos, and even writing rental ads.
Ensure Rent is Paid on Time
Most property management companies receive their payment as a deduction from your monthly rent. As such, these companies are motivated to ensure that your rent gets paid on time, every time. Using a property management company can help you stay on top of enforcing lease policies if rent is not paid or is repeatedly paid late.
Save Landlord’s Time and Money
If you’re a landlord, you probably have your hands full with your properties. Taking care of rental properties and residents is often a full-time job, even if you only have one home in your portfolio. There’s just so much that goes into the job – a million details, processes, and situations must be handled carefully and correctly. All of this adds up to a lot of time spent in property management. Fortunately for landlords, property management companies help landlords save a tremendous amount of time with their portfolios. Here’s how.
Property Management Companies Take Care of Your Residents
For most landlords, interacting with residents is the number one most time-consuming aspect of the job, hands down. Residents have needs that must be met, complaints that should be handled, and requests that need answers. Having a professional property manager saves you time interacting with residents by addressing their concerns and needs directly, promptly, and efficiently. Instead of having to man your cellphone at all hours of the day and night, you can let a property management specialist take care of it for you. That alone saves countless hours of your time.
Decrease Resident Turnover
One of the primary benefits of having such great care of your residents is that, in turn, you can anticipate lower resident turnover. Residents like to be treated well in their rental situation, and sometimes you might not have the time to give them the attention they need and deserve.Thankfully, property management benefits include taking care of your residents to help ensure they are happy, ultimately making you happy in the long run as well.
Property Management Companies Handle Every Process
There are a lot of processes that go into successfully managing a property. The laundry list of tasks and processes includes (but certainly is not limited to):
- Collecting rent from your residents
- Qualifying (and screening) new residents
- Maintaining the appearance and condition of the property
- Preparing and executing leases
- Handling documents related to leases and residents
- Showing the home to potential residents
- Marketing and advertising for your property
- Handling resident turnover
- Dealing with evictions, if necessary
Separation From Resident to Owner
It’s essential for you as the owner to make objective decisions about your rental property. To do so, it can be helpful to have a property management company act as that buffer.Just like a real estate agent does a good job of being a buffer in a real estate transaction, property managers do a great job. Having this added layer helps you to make objective decisions about your property.A common situation that arises when people manage their own property is they start to listen to the stories of residents. While there are some reasons that you would want to hear the stories of residents, all too often, this causes owners to mess up. When owners start listening to personal stories, they aren’t able to be objective about their decisions.
Wisdom and Handling Situations
If you have one or two houses, you may have an unexpected situation happen once every 5 or 10 years. Alternatively, property managers see these ransom situations happen on a more consistent basis.Using the wisdom of managing thousands of homes allows property managers to address your particular situations. Ultimately, having this knowledge will help you save or make the most money in that situation while also decreasing liability.
Ancillary Offerings
In addition to the clear benefits of hiring a property management company, with it comes a handful of ancillary offerings as well.
Rent Guarantee
Some property management companies offer things like rent guarantees. As a rental property owner, you know that you don’t have guaranteed rent if running your own house. Since property management companies are paid a portion of your monthly rent collection, paying this rent is a high priority.
Lower Repair and Maintenance Costs
Another bonus to working with a management company is their access to vendors. If you’re renting your own house, you don’t have the preferred access to vendors that somebody like a professional property management company does. With these preferred vendors, you will more than likely experience lower repair and maintenance costs.
Avoid Legal Issues
Just because you don’t understand a state’s landlord-specific resident laws doesn’t mean you must follow them. Landlord-tenant laws are essential but can be challenging to stay on top of. Thankfully, property managers know those types of things, and we know how to make sure to keep you out of trouble.
In Closing
Instead of taking time out of your busy schedule to handle all of the tasks (some of which may be unsavory tasks you didn’t want to handle anyway) required of a rental property owner, you can have a professional property management company do it for you. The property management benefits will almost always outweigh the costs associated while slashing hours out of your weekly schedule to free up valuable time for you to spend elsewhere.Ready to not be a full-time landlord? Contact us today about your property management needs.
