Why Use a Property Manager? 5 Reasons Why it’s Worth It!
Although most real estate investors would have little or no problem renting out their single family homes, many of them don’t want the headaches and stress associated with managing those properties. There’s really no point in enduring this when you could just as easily let a professional property management company handle this for you. If you’re looking to maximize profits on your rental properties while increasing the value of it, here are 5 reasons to consider hiring a property management company.
Better quality tenants – Property management companies screen prospective renters rigorously to ensure that you have better quality tenants living in your home. Furthermore, they have a much larger group of applicants to choose from because they employ extensive advertising and marketing campaigns when soliciting tenants for your home. Property management companies typically have an applicant waiting list in place which will help you rent your vacant property quicker.
More revenue and profit – Many real estate investors feel that it will be too costly to hire a property management company yet nothing could be further from the truth. Based on the increased care of your single family rental home, you’ll actually generate more revenue and profit in the long run. You’ll also be renting to a better caliber of tenants which will result in less damage to your property and save you a great deal of money on repairs.
No legal issues – One of the most important reasons for hiring a property management company is that they are highly knowledgeable of federal and state housing laws. They will ensure that you are always compliant with these laws which will help you avoid any costly and time consuming legal issues. For instance, if you need to evict a tenant, your property management company will know the best way to handle this issue so it doesn’t backfire on you.
Property management companies shoulder your burden – Have you ever thought about the amount of time you would spend being your own landlord? Rather than babysitting your property, could you put that time to better use? Needless to say, dealing with tenant complaints, handling bad tenants, making repairs whenever necessary, and tracking rent payments is a full-time job. This can also cause you a great deal of stress and be unhealthy over time. A property management company can carry the burden for you so you remain healthy and enjoy the benefits of your investment.
The buffer between you and your tenants – With a property management company, you’ll be able to maintain a professional distance between you and your tenants. This ensures that you never get personally involved with your tenants and will help you avoid being too defensive (or too lenient) in certain tenant circumstances. Remember, investing in real estate is a business. A property management company will ensure that everything stays on a professional level at all times.