Why you can’t replace your property manager
Do you really need property management? You might think this is something you could easily do by yourself, that there is no need to pay a monthly fee to somebody else to take care of your property. However, 54% of landlords choose to collaborate with a property manager. Let’s discuss what property managers can do for you that you can’t do for yourself.
They’re time savers
First and foremost, property managers save you time. Advertising the vacant property, hosting open house events, handling all the legal paperwork, and then dealing with tenant complaints and house maintenance; they do everything instead of you. All of these things can take a lot out of your time; it might become a second job in itself.
Imagine all the time it takes to learn online marketing to attract potential tenants. Imagine being in back-and-forth communication with all the interested people. Furthermore, all of these potential tenants need background checks, and you need to see if they’re really suitable for renting out your property. This is not an easy process, and it can take weeks out of your time to find high-quality tenants.
They’re huge time savers, especially if you own multiple properties. Imagine having to go weekly to five different locations to do routine checks or deal with issues tenants complain about. All these will add up, and you will feel overwhelmed. Not to mention that nobody likes phone calls after working hours, which frequently occurs in this industry. When working with a professional, all of these time-consuming calls and tasks will be taken care of by your property manager.
They have expertise
Some landlords believe they already have all the knowledge and expertise it takes to successfully rent a house and then handle everything that comes with it. Many people may feel like they can deal with their tenants’ complaints when they arise. They believe they can make repairs themselves, that they can maintain the entire house, and that they can handle delicate situations when violations occur. Simple as it may seem on the surface, most landlords don’t know how to handle these duties on their own. With a property manager, every problem tenants have becomes a mere inconvenience when addressed with expert-level knowledge.
More so, imagine having to learn and then stay up to date with all the federal, state, and local laws. It’s so much easier to rely on a professional who already knows the legal side of the landlord-tenant relationship. It reduces the risk of an improper contract, breaking the law without knowing, or ending up with a trial on your hands. Knowing the law helps you prevent complex disputes with the tenant and establish clear rules.
When hiring a property manager, he will cover all the laws, taxes, safety requirements, and other regulations in legal paperwork and will go over them with the tenant for you. They will also know how to carry through eviction procedures, which will give you headaches if you don’t know the right approach.
They have relationships
Many self-managing rental property owners believe they can maintain a property by themselves. However, certain tasks may be more complex than they may think, and some of them may even need professional service. Typically, landlords don’t have a list of reliable contractors that can perform well and on time.
Knowing vendors you can call anytime will reduce the risk of complaints from tenants. For every issue, the property manager knows an expert, and it’s tough to have these relationships when you’re not in the industry.
They save you money
A vacant property is not good for cash flow. A property manager will help you find tenants as quickly as possible. Not only do they engage all of their efforts into marketing, but they may already have a list of potential, qualified tenants that they can immediately contact, reducing the void period to a minimum.
Not only do they find them quickly, but they also make sure they meet legal and all necessary standards to sign the contract. They properly screen the tenants, reducing the risk of costly situations such as damage, replacements, repairs, late rent, etc.
Property management companies may also have special offers from vendors, helping you save money on certain services such as cleaning.
Try as you might, you can not handle the property manager’s responsibilities in the same manner they can. They will always be more resourceful and time-efficient. More so, they can protect your investment even better than you can due to their expertise and knowledge.
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