We all hear that real estate and the ability to have rental properties is a great investment, but the aspiration and the reality can be two very different things.
The idea of having rental properties and being a landlord seems easy at first -- you find great tenants for your house, easily collect your rent every month -- it all goes so smoothly. But what happens if those renters are consistently late with the rent, or don’t pay at all? Or it’s 100 degrees outside and the air conditioning unit breaks down? What if you want to buy a rental property and you don’t live nearby? These are all potential issues for those who try to manage their own properties. If you love a good challenge and these things don’t make you nervous, that’s great! If you’ve read this and think that it sounds like a nightmare, you may want to consider hiring a property manager! Here are some reasons as to why bringing in a professional might be a good idea.
Finding Tenants and Screening
Maybe you’ve already got tenants lined up for your property or properties, but it can often be hard to keep up and then you’re left with an empty house. Property management professionals can source tenants for your property, and have screening tools to thoroughly vet them -- they know what kinds of things to look for and ask about before accepting an application and handing over the keys.
When you’re your own manager, if the plumbing starts to leak at one o’clock in the morning, you are the one who is going to receive that call. And, if you don’t have maintenance that you trust, you’ll be the one out there fixing it. Property management professionals contract with trustworthy services to make sure that your home is taken care of properly, so disasters can either be avoided, or taken care of quickly.
Regular Upkeep of Property
Speaking of maintenance, having a professional managing your property means that you don’t have to worry about routine maintenance like gardening and minor repairs. This also means that if you do not live in the same area, you have someone to watch over your property on a regular basis.
Late Rent and Other Issues
Perhaps you’ll be lucky and never have to deal with a renter who can’t or won’t pay on time. Chances are, however, that you’re going to encounter some kind of issue that can be a bit awkward. Maybe you don’t want cats on your property and then find out that your renter has brought in three. Your property manager will deal with all of these things so that you don’t have to have those awkward conversations.
Property managers have this job for a reason -- this is something that they have experience doing, and they know the ins and outs of the industry. They are aware of landlord-tenant laws, and are always keeping up on how things change. They’re the ones who will deal with lawful evictions, and make sure that you are not getting into any messy situations.
There you have it, five pretty good reasons as to why you should consider hiring a property manager for your rental or rentals. Did you know that on average, a landlord can spend up to four hours a week devoted to their rental? That’s just one! If you hire the right property management company, you might find it to be such a breeze you feel you can handle multiple rental properties! If you think that it might be time for you to find a professional to help with your rental property, or are interested in learning more about acquiring rental properties, give us a call and we will be happy to help!