You’re probably thinking, “Why should I hire a property manager? I can do it myself!” and you’re right — you can do it. The question is, can you do it as effectively as a property manager?
Owning real estate can be a great way to gain financial security, but a lot of work goes into it. From listening to angry complaints about collecting rent from late-paying tenants, there are certain tasks that a property manager can do better. Here are nine reasons why you should consider hiring a good property manager:
#1 Make more money
Many property investors are deterred by the costs involved when hiring a property manager, but what they don’t realize is the potential to earn the big bucks. By hiring professionals whose job is to oversee the day-to-day operations of your real estate investment, you will have a property with a consistently increasing value. Your property will always be in its peak condition, which means you won’t have to deal with costly repairs. In return, you will have happy tenants who will stay for years to come, giving you a steady source of passive income.
#2 Save a lot of time
We can’t stress this enough. Being a landlord can be an extremely demanding job. From tracking rent payments, handling complaints and requests, interviewing potential tenants, coordinating with vendors, and managing evictions, property management can easily become a source of stress. Leaving the responsibilities in the capable hands of good property managers lets you reap the rewards of your investment without sacrificing your precious time.
#3 Get the most qualified tenants
A good property manager knows exactly what to look for in a tenant. Save yourself from the nightmare of leasing your property to bad tenants who won’t pay rent on time, get into arguments with other homeowners, and so on. Property managers rigorously screen prospect tenants, looking into their criminal background, rental history, credit score, employment status, etc. Aside from that, you’ll also have a wider pool of applicants. Property managers aggressively advertise your property on high-traffic listing websites and as a result, the chances of leasing your property to a quality tenant are higher.
#4 Lease at the best possible rates
If you’re self-managing your rental property, your rental rates were likely determined based on similar listings in the area. While this is an effective way to estimate your rent price, a good property manager will conduct an accurate assessment of your property. They will study the local market, determine your property’s value, and compare it with similar properties. By hiring a property manager, you can be assured the highest possible rates, maximizing your return on investment.
#5 Access to a strong vendor network
It can be difficult to be absolutely sure that a vendor is trustworthy, especially when it’s your first time working with them. Some contractors, plumbers, electricians, suppliers, handymen, and other service providers will jack up their prices if they see your property as nothing but an easy cash-grab. The relationship that property management firms have built with local vendors is something that an independent landlord can never duplicate. Because of their unique partnership, property managers can get the highest quality of work for the best price. They will also oversee the entire repair work to ensure that everything is up to standard.
#6 Leave maintenance and repairs to the pros
There’s no need to get your hands dirty by doing DIY home improvement projects. Property management companies have full-time staff who are committed to assisting tenants should there be the need to conduct emergency repairs. They work with their preferred vendors to ensure a prompt and professional response to urgent requests such as leaky faucets, faulty appliances, etc. A good property manager can also suggest improvements such as repainting the walls or redoing the floors to increase the overall property value.
#7 Access to property management software
Most property managers have access to property management software that streamlines their processes, from tracking rent collection to generating financial reports. When you hire a good property manager, you will be given access to a dedicated owner portal where you can review relevant information anytime and anywhere. Do you want to review the rent collection for the previous month? Need to review the work order for the paint job done last week? Access to property management software allows you to conveniently keep an eye on every activity done on your property.
#8 Avoid dealing with evictions alone
While rare, evictions do happen, and it’s best to be prepared should the time come to kick a tenant out of your property. Unless you have extensive knowledge of local and state laws, you might be putting yourself in a risky position. A property manager typically works with an attorney to help landlords navigate the legalities involved in the eviction process. They will make sure that tenants are evicted promptly, legally, and professionally. They’ll also start looking for new tenants to reduce vacancy periods.
#9 Always be compliant
One of the main reasons why you should hire a good property manager is compliance with state and federal laws. Property management, when done improperly, can lead to serious legal hassles. A property manager is familiar with laws regarding discrimination during the tenant selection process, as well as laws regarding initiating evictions. With a property manager by your side, you can be confident that you’re always following the law, saving you thousands of dollars on lawsuits.
To Sum Up
Owning an investment property brings plenty of benefits, but to enjoy those benefits, it would be best to hire an expert property manager. They can help you maximize the return on your investment while minimizing your stress.
Luxury Property Care has some of the best property managers in the South Florida area. With specializations in luxury, residential, and commercial property management, our team brings decades of experience and local expertise to the table, guaranteeing you a secure income for years. Get in touch with us today by calling (561) 944-2992 or filling out our contact form to schedule a free property evaluation. You can also browse our website to learn more.