Why You Should Hire a Property Manager
So you’ve invested in some property and are thinking of handling the property yourself. Are you sure you want to or are ready to do that? Before you shun the idea of hiring and investing in a property manager, here are some of the most valuable reasons for having a property manager take care of your real estate for you.
Current and Up-to-Date
A real estate manager makes it his business to be up-to-date and current when it comes to landlord and tenant laws as well as state, municipal and federal laws. This way, you are ensured to avoid the hassle and worry of potential lawsuits or scams. Some of the federal laws cover areas such as lease termination, rent collection, lease addendums, inspection, evictions and so forth. Your real estate manager will be fully aware of all these and can discuss these with you, should the need arise.
Liaison Between Tenant and Owner
With much experience under his belt, a well seasoned property manager can easily weed out the problematic applicants from the viable ones. The screening process therefore is left in their hands and you are shielded from possible rental scams that are targeted towards owners. This is also one of the most tedious and time consuming part of handling a property as it involves a lot of interviews, background checks and follow ups. This time saving and headache shielding service is already a great reason for hiring a property manager.
In addition to the property manager handling the screening of potential clients, he will also act as a buffer should there be any tenant and landlord disputes in the future. These disputes may include timely payment of rent, eviction, and maintenance problems.
Keeping the Tenant Happy
If there are problems or concerns with the property, your property manager will be the one approached to handle the issues. He will, of course, bring them up to you for consideration and approval before carrying out any repairs or renovations, but at least you do not need to deal directly with the tenants or with the contractors and repairmen. All of that is taken cared of for you. And if you keep your tenants happy, the likelihood of them renewing their lease will certainly increase, making you happy as well.
A good property manager will make sure repairs are done in a timely manner. A great property manager will be proactive and ensure a regular maintenance check is done on the property to address potential problems that could result in bigger and more costly repairs down the road. This ensures that the value of your company does not decrease due to deterioration or lack up upkeep. The way a property is maintained can determine how much you will be able to charge for rent as well as how much insurance you will have to shell out.
More Time for Yourself
As simple as it sounds, not having to deal with so many issues for one property, let alone several, is a strong reason to consider having a professional property manager handle your real estate investments. When you are not saddled with the hassles of listening to a disgruntled tenant or worrying about a trivial lawsuit, you will have less stress in your life. And doesn’t everyone want that?