If you are planning to invest in rental property, you likely know there is a lot of work that goes into managing it. Using a property manager can save you a significant amount of time and relieve you of the bulk of the responsibility. To put it simply, when you use a good property manager, you can choose how involved you are with the property.
Better Tenants
The last thing you want are tenants that do not take care of the property or pay the rent on time. A good property manager knows how to properly screen tenants and he/she knows the red flags to look out for when it comes to rental applications. He/she will make sure that all tenants have a history of on-time payments, solid employment, adequate income and a clean background check.
Better Customer Service
There will be times when tenants have issues and your property manager will take care of these. He/she will handle problems at all hours of the day so that you never have to leave home. This is especially helpful for rental property owners that do not live close to their properties. It is up to you if you want to be notified when renters request help.
Less Tenant Turnover
Tenant retention is critical when it comes to maximizing your income as a property owner. For every month there is not a tenant living in your property, you are losing money. A good property manager knows how to keep renters happy so that they are more likely to extend their lease and continue living in your property.
Timely Rent Payments
Your property manager will ensure that the rent is collected on time and at the right amount each month. He/she will work with the date that you have set and will help the tenants to choose the best payment method that works for all involved. He/she will also enforce all policies in the lease should a tenant not make a timely payment. This prevents you from having to chase down rent or, in some cases, go through the confusing eviction process. Your property manager will handle everything.
Less Stress
Your property manager can deal with everything from marketing your property to maintaining it. This means that you will not get phone calls in the middle of the night to fix a leaking pipe. Your manager will handle all of this, as well as tasks such as checking out potential tenants, collecting the rent and keeping your property rented.
After learning about what a property manager can do for you, make sure to choose one that is highly qualified. Look at their backgrounds and make sure that they have adequate experience. You should also look for someone who is able to handle the tasks that you need done.
