If you’re not the hands-on landlord type and would prefer not having to deal with tenant emergencies in the middle of the night, you should consider hiring a property manager. If you would rather pay someone to shoulder the headaches and stress of managing your rental homes, then hiring a property manager or management company is probably the right choice.
Here are several benefits that you will enjoy if you do.
Better rent collection system – Property management companies have efficient rent collection processes or systems in place so that tenants will always pay on time. Consistent, on-time rent collection is the key to receiving these payments on time. Property managers are skilled at enforcing all lease or rental policies to ensure that rents are collected when they should be. If the tenant is late paying their rent or fails to pay it altogether, property managers will ensure that the proper steps are taken in order to deal with the situation.
Decreased tenant turnover and shorter vacancy cycles – When your rental property sits empty, you’re losing money. The right property manager knows how to keep a tenant happy so they continue to lease or rent from you. They are accessible and quick to respond whenever tenants need specific problems taken care of. Happy renters have no reason to look for another place to live and will be more willing to accept any rent increases that occur.
Fewer headaches and stress for the property owner – You’ll have fewer problems if your rental homes are being managed by a property manager/management company. This means that you’ll have fewer headaches and considerably less stress as a result. If having more time to address other important issues such as your family or other investment opportunities is what you desire, a property manager can make your life a lot easier overall. While investing in real estate can be a lucrative endeavor, managing that property isn’t for everybody.
Personal benefits – While the above benefits are just the tip of the iceberg, there are a couple of personal benefits that the real estate investor can enjoy if they hire a property manager or management company to handle the daily rental operations. For instance, it will free up additional time for you and just like the old adage says, “time is money.” You could be more profitable in other areas.
If you’re focused on managing your assets, it means you’re working ON your business. On the other hand, if you’re managing your rental properties, you’re working IN your business. When you hire a property management company, it will provide you with the freedom to live wherever you want and pursue other investment opportunities. Finally, you’ll have the time to do what you enjoy and spend more time with family or friends.