Owning rental property comes with many responsibilities. But if you’re new to owning investment property, you may not be aware of everything this entails. This is where an experienced property manager comes in handy. A professional property manager will take care of all the rental responsibilities, leaving you with minimal conflicts.
Many owners of rental homes choose to self-manage their properties. This may work fine for some, but for most of us, it can feel overwhelming. If you feel like you’re putting in more than you’re receiving from your real estate investment, it might be time to hire a property manager.
What Does a Property Manager Do? Reasons to Hire a Property Manager
Someone with a full-time career, or multiple rental units, may find landlording (aka self-management) too taxing for his or her lifestyle. Without support, landlords are responsible for advertising, showing the property, tenant screening, and enforce contract and rent collection activities themselves.
They also need to handle all calls for emergency issues (and so-called “emergency” issues) 24/7. If a tenant doesn’t pay rent, breaks lease rules, or trashes the place, the landlord takes care of the issue themselves, including evictions.
How a Property Manager Can Help
Maybe you prefer being a hands-on landlord. But a property manager can still free up your time by overseeing activities you can’t or don’t want to do.
Property managers can:
- Market and advertise your rental home to find tenants
- Screen tenants to find the best renters for your property
- Arrange appointments for prospective tenants to view your property
- Collect rent and other fees on your behalf
- Take care of any issues that arise, including taking complaints and organizing repairs
- Keep tenants updated on the status of their applications
They can also manage maintenance and emergency issues—while overseeing contractors doing the work. Different property management companies offer different levels of support, so it’s important to find one that can address your needs.
If you feel overwhelmed by the many responsibilities of being a landlord and self-managing your property, you may benefit by hiring a property manager.
What Are the Benefits of Hiring a Property Manager?
Daily Rental Property Management & Beyond
A solid property management company can also help you beyond the typical day-to-day actions. For example, their experts can offer advice on setting the right rent rate for your property by analyzing the market.
They can also ensure your lease agreement legally covers you as the owner—providing clear expectations and consequences for tenants. When the time comes for renovations or upgrades, property managers offer advice on which improvements will maximize returns on investments.
No one wants to spend more than absolutely necessary on improvements to attract high-quality renters. Property managers know how to make the most of this delicate balance.
Real Estate Brokers Who Specialize in Investment Property
Buying an investment property requires a different eye than buying a home to live in yourself. Rental rate analyses, amenities, and ordinance requirements more heavily dictate appropriate price points. Knowing what to look for and what makes a good investment takes an expert eye.
Property Managers Can Help You Pick a Good Investment Property
Hiring a property manager well-versed in up-and-coming neighborhoods, rent rate trends, and tenant preferences can serve as an invaluable purchasing ally. This individual can also help you decide when it’s time to sell a property that doesn’t support your portfolio goals anymore.
Property Managers Have a Network of Trustworthy Professionals
Property managers constantly network with a variety of professionals. Whether general or specialized contractors, accountants, or real estate attorneys, they likely know someone they can recommend that they trust.
Property management companies can use the volume of their project requests to leverage better rates with preferred vendors. A good property management company will help clients utilize these connections.
So, Is It Finally Time to Hire a Property Manager?
Knowing when to consider hiring a residential property management company is an individual choice. Ultimately, rental homes should make their owners money. If your rental isn’t producing the return on investment you want, you could benefit from consulting with a property manager.
After all, nobody wants to leave money on the table from lack of understanding. At The Realty Medics, we use rocket science renting to provide property management peace of mind for every client we serve.
For a free rental analysis of your rental property, call us at 321-218-4753 or complete our online form. We look forward to helping you manage your rental property and get the best value for your investment!