5 Reasons To Hire a Property Manager for Your Senior Apartments
Date Written: 03/13/2023
Last Updated: 03/13/2023
There are around 47 million senior citizens living in the United States, with only three percent of them choosing to live in nursing homes. A huge number of the elderly prefer alternative housing options such as residential rental properties. This means that senior apartments can be a profitable investment.
To ensure that your investment is properly handled and that your senior tenants are taken care of, you need a property manager. Read on to learn five reasons to hire a property manager for your senior apartments.
Who Are Property Managers?
Property managers are individuals or entities that oversee the status and operation of your rental real estate business. They are usually hired by property owners or investors who live far from their rental properties, do not have the time to constantly monitor the rental business, or want someone with expertise in the residential rental property industry.
The services these managers provide are extensive, ranging from housing advertisement and tenant assessment to property repair and cleanup. However, not all property managers have the qualifications to properly care for your property and tenants. Hence, if you don’t know how to hire the right person for the job, do your due diligence first and choose only certified property managers.
Reasons to Hire a Property Manager in Senior Housing
There are several benefits to hiring a property manager for your senior rental apartments.
Managing a rental property business can be time-consuming and tiring. Aside from drafting notices and other paperwork, you’ll also have to carry out inspections, monitor rentals, address complaints, meet with prospective tenants, handle evictions, and many more. A property manager can do all this tedious work for you.
They will inspect your property before your tenants move in to ensure that all senior amenities are in place and hazards are removed. They’ll likewise take photographs of your property prior to and at the end of the lease agreement to serve as documentary evidence should any issue later arise.
Moreover, these managers will take charge of rent monitoring and collection. They’ll also send notices to and collect late rent fees from tenants who fail to pay on time. Moreover, property managers will regularly send you financial reports to help you keep track of your rental property’s income and expenses.
Furthermore, they can assist in the eviction process should a tenant refuse to leave your property after breaching the contract or once the lease agreement expires. They can guide the senior tenants through the entire process in a professional manner and serve as a buffer between you and the lessees.
Ultimately, a property manager will not only take tedious workloads off your shoulders but also save you from uncomfortable tenant engagements.
Thorough Tenant Screening
For your senior housing rental business to thrive, you need tenants that will take care of your property and pay rent on time. Property managers conduct thorough tenant screening so that you get the right lessee.
Aside from conducting an interview, they will also conduct background checks. This involves collecting data such as the tenant’s pension income, credit history, other revenue streams, and public records. Risk factors shall also be weighed.
To avoid fraud, property managers look for people with document verification experience when employee hiring in the rental industry. These managers specialize in authenticating the papers and records submitted by prospective tenants.
Once all necessary data has been collected and verified, they’ll send you a report that you can use to identify high-quality leads that can be converted into property lessees.
Duly licensed and certified property managers are well-versed in laws concerning rental real estate and property management. They can help you draft contracts that comply with federal and state laws and contain stipulations that are clear, precise, and fair to all parties. Moreover, they can give you guidance on rental property taxation and inform you of the tax forms you need to submit.
Property managers can likewise prevent you from accidentally breaking special laws that cater to elderly tenants such as the Fair Housing Act of 1968, and the Housing for Older Persons Act of 1995. They will also ensure that you comply with other pertinent laws such as housing regulations and building codes.
Furthermore, the legal acumen of property managers is beneficial in evictions. Around 2.7 million households are subjected to eviction proceedings annually. Legal proceedings can put a big financial strain on both you and your tenants. To facilitate prompt and less costly settlement, property managers serve as intermediaries and offer alternative modes of dispute resolution.
Lastly, they can answer your legal queries about your rental property business or investment in general. This is a huge advantage if you’re still new to the industry or lack the funds to retain a lawyer.
Access To Digital Solutions
By hiring a property manager, you will likewise gain access to their digital management system. This digital solution enhances productivity and streamlines the entire property management process. It will also allow you to track tenant payments and monitor your rental properties from the comfort of your home.
Moreover, this software is a selling point to senior tenants who no longer have the stamina to commute just to pay rent or sign a lease contract. Through features like online leasing and payment, your tenants can sign the agreement and pay rent digitally using their phones or computer.
Furthermore, you can use your property manager’s established digital infrastructure to advertise your rental properties in the online space. Around 75% of senior citizens already use the internet, so having a robust online presence for your target market will be beneficial in sourcing leads.
Proper Amenities and Maintenance
Every 11 seconds, a senior is sent to the emergency room due to a fall, and some of them succumb to their injuries. Senior tenants do not have the same needs as younger lessees. Being of advanced age, these tenants require special amenities that increase comfort and prevent accidents like slips and falls.
To be certain that your property remains safe and well-maintained for senior tenants, hire a property manager. They will supervise the installation of proper lighting for elderly lessees with impaired eyesight. Ramps, grab bars, and non-slip flooring will likewise be included in areas like the kitchen and bathroom to facilitate safe movement.
These managers can also recommend the installation of smart devices and sensors that can track tenant status and contact relevant health personnel should an accident occur.
Moreover, property managers provide regular property monitoring. They likewise have a network of cleaners and technicians that can handle your tenant’s maintenance and repair needs. If your senior tenant suddenly has a maintenance emergency at 3 AM, a property manager that utilizes 24-hour property management maintenance software can also respond at a moment’s notice.
From lessening your workload to giving you access to digital solutions, there are many reasons to hire a property manager in senior housing.
If you’re looking for a cloud-based property management partner that can take good care of your real estate rental investment, ExactEstate is a great choice. We offer a fully-integrated real estate management solution. Schedule a demo today to see how our services work.