Reasons why a property manager is beneficial for your property, tenants, and bottom line!
Setting the Right Rental Rates
A good property management company knows how to set the correct rental price for your property, ensuring to find equilibrium between maximizing monthly income and maintaining a low vacancy rate.Timely Rent Collection
Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments.
Marketing your Property
A property manager will know exactly where to market your property and how to craft compelling advertising materials – a significant advantage when it comes to filling your properties quickly.Finding the Right Tenants
Experienced property managers are experts at finding good tenants, and due diligence, securing all criminal background and credit reports, verifying employment, and collecting previous landlord references.Managing Tenants
A property manager will handle all aspects of the tenant-landlord relationship, manage routine & emergency maintenance, inspections, and situation where conflict resolution is required.Managing Vendors
Management companies have relationships with tradesmen, contractors, suppliers, and vendors that it’s almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, but they’ll also oversee any necessary projects.Legal Compliance
There are a plethora of laws and regulations when it comes to renting and maintaining your rental property. These include local, state, and federal regulations, as well as fair housing regulations (ADA). A property manager can help you avoid lawsuits by keeping your property up to date and in compliance with these regulations.Invest in Geographically Distant Properties
If you manage your own properties, you’re limited to investment opportunities within a tight radius of your home. By hiring a property manager, you can take advantage of investment opportunities in any location you wishMaximizing the Profitability of your Time
By having a property manager take care of the day-to-day aspects of running your income property, you’re free to spend your time as you wish.Maximizing the Profitability of your Money
Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. This typically runs between 8%-15%, which is generally less than the money you save by hiring a professional to take care of your property.
