6 Reasons To Hire a Property Manager for Your Rental Property
Date Written: 03/08/2023
Last Updated: 03/08/2023
Owning or running a rental property is both a fulfilling and challenging journey. You’ll want to maximize your investment, so you might be thinking about whether to manage the property on your own or hire a professional property manager. Choosing the former means devoting a lot of your time and resources and handling a lot of headaches, such as addressing maintenance problems and even marketing the property. Meanwhile, the latter is more beneficial than you think.
Read on to learn about the six reasons you should hire a property manager for your rental property.
1. Less Stress
One of the major reasons to hire a property manager is preventing unnecessary stress. Managing a rental property by yourself is like performing another full-time job. You have to advertise the property, collect payments, follow up on late fees, address complaints, handle maintenance and repair, and more.
Fortunately, you don’t have to go through all these time-consuming and quite daunting tasks. Hiring a good property manager will give you more freedom and time to focus on other important aspects of your business or bond with your family.
Getting a professional property manager also gives you peace of mind that your rental property is well taken care of. You are also confident that your investment will grow even without your supervision. From marketing and tenant screenings to payment collections and maintenance, you can save time and stress.
2. More Profits
Several property owners might think that employee hiring in the rental industry results in higher costs. However, in reality, it can help them earn and save more money in the long run.
The best property manager will help you find quality tenants who will pay on time and stay longer at your property. Moreover, these property managers will maintain a positive relationship with tenants. When there’s a vacancy, the property manager is equipped to fill it quickly with other qualified tenants, so you can avoid income loss.
Furthermore, property managers set the perfect rate for your rental property based on the current market. Hence, you can maintain your competitive advantage, attract the best applicants, and maximize profitability. The rent value of properties handled by property managers increases by at least 5% every year.
Property managers will also implement, or if necessary, modify, policies and procedures to ensure that your business goals are met.
- Better Tenants
Knowing how to hire the right person to manage your property also means getting better tenants. An experienced property manager knows how to attract amazing tenants and ensures these potential tenants undergo thorough screening. Property managers will conduct criminal background checks and employment verification as well as check credit reports and the applicants’ rental history.
Furthermore, property managers will look at potential tenants’ proof of income, collect references, especially from past landlords, public records, and more. Hence, you’re confident that your tenants are those who will pay on time and take care of your property. Having the right tenants also means they may renew their lease. Thus, you get reliable income and won’t have to worry about losing money from tenant turnover.
Excellent property managers also perform a market study, so they know how much the rent should be. This gives a balance between your rental income and your property’s vacancy rate.
While collecting payments on time can be a challenge, a property manager uses an efficient system to secure payments every month. A trusted property management software like ExactEstate also allows secure and automatic rent collection. You can even choose your own convenience fee when processing payments. By collecting online payments on time, you can secure your monthly rental income and expand your business easily.
4. Effective Marketing
Exceptional property managers know how to market your rental property effectively with captivating photos, listings, signboards, and more. They know how to leverage social media to help draw in great tenants. These property managers can also show the property to potential tenants. They are the ones who will schedule tours and respond to questions promptly and clearly.
They also know a lot about property management trends and improve your property based on these data. With their comprehensive advertising programs, property managers get a bigger pool of potential tenants to choose from.
Moreover, great property managers are good communicators, honest, polite, and convincing. With their credibility, they can attract the best tenants for your property. As they employ effective marketing strategies, you won’t have to worry about longer vacancy times. Rather, you can expect a steady cash flow.
5. Easier Maintenance
One of the most stressful parts of managing a rental property on your own is dealing with maintenance issues. You might receive late-night phone calls about emergency electrical or plumbing issues and more. Meanwhile, a good property manager will handle these maintenance needs for you. Among property managers, over 70% perform regular property inspections.
Whether tenants have problems with faulty appliances, leaky faucets, or have urgent requests, property managers have the best network to address the issues promptly and effectively. This includes vendors, tradesmen, suppliers, contractors, and maintenance workers. Hence, you might just benefit from discounted prices and still expect quality service. In fact, property managers can help you lower maintenance and repair costs by a maximum of 20%.
The right property manager will even recommend improvements to help enhance your property value like repainting your walls or improving flooring.
6. Compliance With Laws
Getting a great property manager helps you ensure compliance with local, state, and federal laws as well as fair housing regulations and building codes. These property managers make sure there’s no discrimination in terms of race, gender, family status, religion, age, and disability when choosing tenants.
When it comes to tenant eviction, property managers are also experts at handling the situation in the best way possible. Hence, you can avoid legal problems and save time and money.
Moreover, a property manager will ensure complete financial records for your rental property. These include monthly expenses and income and annual accounting.
A trusted property manager also helps you avoid lawsuits and protect your business reputation by screening tenants carefully, signing and ending leases, conducting regular property inspections, managing rent and security deposits, and performing other tasks that will ensure the tenants’ needs are covered.
Some of the top reasons to hire a property manager include reduced stress, more qualified tenants, effective marketing, easier maintenance, compliance with various laws, and increased profits. You can also utilize reliable property management software like ExactEstate to help ensure tenant satisfaction and grow your business.
From marketing, tenant screening, and detailed reporting to maintenance, customization and integration, and technical support, we all provide them in one platform. Request a demo for our property management software today, so you’ll see how ExactEstate can help you achieve your business goals.