Maintaining a couple of investment properties sounds great, but requires a good amount of time and effort to nurture it. Though it sounds feasible to dedicate all your time to maintain your investment properties, it is not very practical, especially when you are planning to expand your business in the future. This is where a property manager (like Butler) comes in handy. A property manager can help you with all the critical tasks and also do all the day to day works for you. Spending almost 7-10% of your rental income on a property manager is worth every penny. And here are 10 reasons why hiring a property manager would be a good idea:
- You will make more money with a property manager: Though hiring property managers at first seems a bit pricy, as they take a certain percentage of your rents, but the amount is very nominal, in comparison with the service they provide. Due to good care of the property, and a good selection of tenants, who stay longer, and do not damage property; a good amount of expenses are reduced and the value of the property increases over time. Thus you start making more money.
- Will save you a lot of time: Selecting and dealing with tenants, collecting rent, dealing with complaints and, repairing damage and maintaining a property can be a very stressful job, and costs a lot of time and effort. Handing over these responsibilities to a professional saves you a lot of time and energy.
- Property managers know the law: The biggest benefit of hiring a property manager is avoiding a lot of legal hassles. Full awareness of the state and federal law screening of the tenants become easier for them. When eviction becomes necessary, property managers will handle it properly in a way that saves both time and money within the boundaries of the law. When tenants fail to pay rent, or challenges you security deposit deduction, or even accuses you of violating tenant rights you may find yourself in court. And dealing with laws and lawsuits can be hard, this is where a professional will have your back and save you for any legal issues.
- Fixing the rental rates: Setting a rental rate can sometimes be confusing. A property manager will do thorough market research, see how other landlords are setting their rents, and propose an appropriate and competitive rent amount, balancing everything perfectly and maximizing your monthly income.
- Marketing and advertising: A property manager will know exactly how to market your property and where to market it. With their experienced marketing strategies and compelling advertisement, your property will have the exposer that it demands. With the right marketing and advertisement, long vacancies can be avoided, which is very important as long vacancies can be very expensive.
- Inspection and maintenance of property: A property required regular inspection and maintenance which becomes hard to do personally, a property manager will help you with frequent inspection of your property and have regular checks on your tenants so that no big damages as done to the property. And regular changes and maintenance are done.
- Access to professionals: Property managers usually have a lot of connections with workers, contractors, suppliers, and even lawyers. They will easily deal with any issue that comes up like a professional, using their professional connections, which become hard for an independent landlord to do it alone.
- Finding and maintaining the tenants: Finding the right tenant can be the most crucial part of maintaining a property and the most important part as well, while it may be hard for you to find the right tenant for you, a professional will do it in no time! The property manager will help you to maintain a good landlord-tenant relationship, which is very important. The better the tenant the fewer damages your property will have. A property manager will also help you to find a tenant that stays for long and save you a lot of money on renovations and time to find another tenant.
- Dealing with emergencies: Emergencies can occur any time and may be of any type. Sudden damage to the property due to weather or any other cause can happen and it becomes hard for an individual to address it, a property manager will address the problem right away and solve it in no time, with all their connections and proficiencies.
- Maintaining remote locations: If you plan to invest in a property in a distant location in overseas or even in some other state away from you, hiring a property manager will make your life much easier, you can relax at your own home and let a property manager deal with all the maintenance, tenants, rent collection, renovation, etc.
Also Read: Tips and Tricks for Selling a House Fast
A lot of the investors think self-managing an investment property will let you retain a lot of your income every month. Self-management is great until a difficult rental situation arises, that is when you may start appreciating property management. Hiring a property manager is not about cashing a check every months but so much more than that, a property manager will let you handle the situation professionally, being right there when your tenant faces a problem, handling phone calls and fixing emergencies right away will help you build a good relationship with your tenants and also a good reputation in the market by the smooth handling of all the issues that arise in your property. While you sit back and see your investment property growing big and maximizing profit over time.