9 Reasons to Hire a Multifamily Property Manager

Once you’ve drawn in great tenants for your multifamily rental, you’ll need to know how to hire the right person to keep up with the demands of property management. After all, managing residential properties has significantly evolved over the years, especially with new technology improving relevant processes.

Although technology simplifies property management tasks, it involves more than simple clicks of a button. These responsibilities may end up taking precious time off of your primary operations, affecting your overall success. Consider hiring a property manager to handle your rental’s technical side while you focus on more important matters. Here are nine reasons to hire a property manager in multifamily rentals.

1. Save Money

You may think that hiring another person to do a job is the opposite of saving money. Perhaps you convinced yourself that you can easily manage your property alone, so why put someone on a payroll? Consider that the person you will pay is an industry professional who knows the ins and outs of good property management.

Managing multifamily rentals requires constant attention and a high level of technical knowledge. With a professional property manager on your side, you can rest assured that they will apply their skills and knowledge in organizing your operations to remain as efficient and cost-effective as possible.

2. Maximize Your Time

We mentioned how property management takes precious time off of your primary operations. Managing property requires you to track payments, follow up on late ones, accommodate tenant requests, address repairs, and keep up with local regulations, among other tasks. Moreover, your multifamily rental may be a side project or you may own multiple properties.

When you hire a property manager, they will take on the brunt of these tasks and free you up to focus on more important matters. With the help of a trained professional, your rental operations will run smoothly and efficiently as you maximize your time doing other things.

3. Stay Up to Date With Regulations

Every state, city, and county has different regulations for residential rentals. You must comply with these specific rules before you can reap the benefits of owning a multifamily property. When you hire a professional property manager, they will research, understand, and adhere to these laws on your behalf.

These professionals can also help you navigate the legal side of managing multifamily rental properties. For instance, concerning leases, landlords are responsible for the language and ensuring the document complies with local regulations. Property managers are experienced in creating leases that protect your rights, making sure you don’t get into any legal trouble.

4. Advertise Your Rental

Multifamily rentals only start becoming successful once you fill up vacancies. This job requires posting ads and making sure as many people become aware of your property as possible. However, simply posting ads for the ideal spaces does not secure interested tenants if you fail to apply the best practices in the industry.

A property manager can draw up and implement attractive ads for your rental using their knowledge of the rental market. With their help, you can go directly to the platforms that yield better results by significantly boosting your property's visibility.

5. Retain Good Tenants

Attracting and securing tenants is one of the most essential tasks in multifamily property management. You need to keep good tenants as they are the key to successful rental operations, ensuring you have a reliable source of income. However, doing so involves a rigorous screening process, including verifying potential tenants’ credit scores, rental, and employment history.

Property managers have the knowledge and experience to sift through applications efficiently and timely. In addition, they recognize the importance of legal compliance when it comes to tenant screening and can help you avoid any costly lawsuits stemming from negligence.

6. Handle Tenant Concerns

Property managers can help you address various tenant concerns quickly. Whether it involves resolving neighbor disputes, handling damage that got caught up in deferred maintenance (due to the pandemic) or fixing repairs, professionals will know the right approach to prevent them from escalating.

You can never tell when tenants will call for an emergency. Suppose your property encounters one while you're unavailable. You'll need a dedicated person handling the job to ensure tenant safety. Otherwise, you could get into legal trouble. Thus, a professional property manager can have your back in these situations.

7. Connect With Local Vendors

Maintenance is a necessary aspect of property management, but it can get expensive when you do not know the best resources in your area. If you employ a reliable property manager, especially one who specializes in the local market, then you'll have access to the best local vendors.

These professionals can direct you to the best-value resources, such as plumbers, electricians, and painters. Accordingly, your multifamily rental will remain in top condition since you have the best people on the job. Moreover, as local resources, they are likely going to be cost-efficient, which goes back to saving money as part of your overall success.

8. Evict Tenants Smoothly

Depending on the situation, evictions require adherence to legal regulations. You must be ready to remove tenants from your rental while maintaining ethical boundaries. Failing to do so could result in financial losses from legal fees. In addition, your reputation could drop, which would extend your vacancies.

You won't have to face evictions alone when you have a reliable property manager on your side. Their experience in navigating nearly any situation involving tenant removal can make the process smoother and less stressful. Count on them to make all the necessary preparations while you focus on other tasks.

9. Track Financial Progress

Finally, your professional property manager can oversee your rental’s financial tracking. Keeping up with your profit and loss statements regularly can help you determine if you’re making progress with your multifamily rental or not. Through their assistance, you can get a clearer view of what improvements to make and how to maximize the returns from your multifamily rental.

Moreover, tracking your progress may require you to look up contracts and documents. These would come in handy when adjusting rental prices according to trends. You would need to update them and let tenants know about any developments. However, your designated manager can organize these for you.

How To Hire the Right Person

Employee hiring in the rental industry can be challenging as you must ensure they can live up to your expectations of employing a property manager. Consider the following tips in finding the right person:

• Prioritize Experience: Note how many years of experience your potential employee has in managing property. If they have specific expertise in multifamily rentals, that’s even better.
• Ask for Licenses: Anyone can claim to be a professional property manager. Only reliable ones will be ready to prove they have proper certifications.
• Look for References: Take your time checking reviews of their services to confirm how well they serve clients.

Manage Your Multifamily Rentals Professionally With ExactEstate

Hiring a property manager for your multifamily rental is an excellent idea to save money and time in the long run. Managing single-family rentals is challenging enough, but involving more people can become overwhelming.

Consider the advantages of dedicating a person to your property management responsibilities. We also offered some tips for hiring the right one. Once you have someone, allow them to customize your operations with a solution that adjusts to your specific rental needs.

ExactEstate offers a property management solution designed to simplify your property manager’s tasks. Schedule a demo to discover how it can benefit your multifamily rental operations.