There is a big difference when it comes to purchasing a rental property and managing one. Contrary to popular belief, they are not one and the same thing and require very different skill sets. If you are someone who enjoys dabbling in real estate as a part-time side hustle, but you have no actual management experience, then you definitely should not also attempt to tackle the property management on your own. There are many reasons to hire a professional property manager, but the main ones are time, money, and stress.
Strategic Tenant Placement
An experienced property management team can bring in faster and higher quality tenants by using tried and tested marketing strategies. This is a huge benefit because the sooner you fill all your vacancies, the sooner you can start collecting rent money. They will also do all of the due diligence that you won’t have time for, such as background checks, referral calls, employment verification, and credit searches. These steps are vital because a higher caliber of tenant will result in less turnover and a higher percentage of timely rental payments each month.
Property Maintenance Is A Must
By far, the biggest issues with being a property owner come down to maintaining units and fixing issues in an efficient manner. This is to avoid long-term wear and tear, as well as keeping your tenants happy. Not only will property managers use a professional maintenance team, but they will also have connections to insured, licensed, bonded subcontractors that you won’t have and they will be able to obtain discounts from being volume customers. This applies to the landscape as well, since curb appeal is something that needs to be constantly monitored.
Keeping Tenants Happy Can Be Challenging
Keeping tenants happy through repair work is one thing, but a good property manager will also resolve internal conflicts among tenants and help mediate any issues. Tenants will also appreciate easier ways to report maintenance issues and make payments through online portals. In addition, the last thing you have time for is chasing down an overdue rental payment or handling excessive noise complaints. Let property managers handle all rent collections and complaints for you, including, if necessary, the more extreme steps that need to be taken in the event of an eviction.
In addition to all the benefits of having this peace of mind, management companies are independent contractors. This means you are not an employer and there is no need to pay benefits like healthcare.
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