If you have investment property, then naturally you want to maximize the profit from this investment as well as increase the value of the property. However, hiring a property manager may seem expensive and counter-intuitive to maximizing your profits. Below we will discuss reasons why you should hire a property manager.
- It’s all about the money
What value does a property manager bring to the table? This is a common question with owners. What many people do not realize is that in the long term you will actually make money because of the increased care of the property. A good property manager will ensure better quality tenants which means less damage and repairs to the property which results in money in your pocket. Repainting an entire house or replacing flooring can be expensive which may be required if the tenant is hard on the property, however a good property manager will try to minimize this risk by allowing only the best tenants to rent the property.
- You Have Better Things to do with Your Time
Do you have time to keep track of rent payments, collect late fees, deal with tenant complaints, coordinate repairs, prep the property for new tenants and deal with problem tenants? If that sounds like a full time job, then you are correct! Hiring a property manager takes all of these things off your plate so you can benefit from the investment without sacrificing your time. Time is money, hiring a property manager will allow you to maximize your profits yet not eat up all of your spare time.
- Better Tenants
An experienced property manager will know how to find the best tenants which as we discussed above can save you headaches and repairs in the long run. A bad tenant can quickly incur thousands of dollars in repairs that the landlord will be responsible for remedying. A property manager who can fill your properties with good tenants will be worth their weight in gold to you, the landlord.
- How Well Do you Know the Law?
Property managers are well versed in landlord/tenant laws, which is a big advantage to you, the owner, who wants to avoid legal troubles. Property managers will have a full understanding of the laws when it comes to screening and selecting tenants and if necessary, the eviction process. The eviction process can be lengthy and complicated; a property manager can navigate the process for you ensuring the tenant is evicted legally which will protect the property owner.
- Buffer Zone
Having a property manager keeps a professional distance between landlords and tenants. Often when a landlord is also the property manager, they become personally involved which can result in leniency or defensiveness when it comes to problems. A property manager will be able to keep things professional while ensuring the rules are followed.
Visit https://billchancerealty.com/property-management/ to learn more about the services we offer our clients or call us at 539-343-7085 to schedule a consultation today!