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If you are in the fortunate position to be able to put your home on the market for somebody else to rent from you, you might consider getting a property manager on board to help. Property managers are some that investors don’t consider initially, because they think they can be a great landlord on their own.
But if you spend all the money investing in a property, you’ve closed on a sale, you’ve done the decorating to make sure that the place is presentable and ready to be viewed and lived in, then why wouldn’t you ensure that you have the best of the best looking after it for you?
If you have great tenants, and they look after your property and pay their rent every time, it’s a breeze to manage your property. However, it can go pear-shaped very easily and in a market where there are not enough rentals and too many prospective tenants, you might need somebody who can come on board and tell you how to be the best property manager yourself – or do it for you, like The Realty Medics.
Below, we’ve put together a list of top 10 reasons that you should seek the help of a professional property management company. If your car broke down, you likely wouldn’t try to fix it yourself – you would speak to an expert to help you.
Well, now you’ll have 10 reasons to call the experts.
They know the law
Do you know every single law that surrounds tenants versus landlords? Are you up to date on property law and know what it means to rent out your property to somebody else? You don’t have to worry about that – because the property manager does know the law and they know what to do about it. There is a growing trend in litigation, which is an unfortunate part of our society. You want to make sure that everything is legally above board for your property when it comes to renting it to somebody else. It gives you peace of mind as an investor to speak to your property manager to help.
You get the best market advice
How much should you charge for rent? How much do you need to charge for any extras? A property manager will be able to give you an independent assessment of the home, so that you can get an achievable rent for your property. Choose a local property manager and you won’t worry about what to charge as you’ll be aware of the rent amounts you could charge comfortably.
They’ll help select your tenants
Yes, they can help you to select your tenants. You need to have thorough background checks performed on tenants before you allow them to live in your property. You need to make sure that the tenants who are applying have not been previously blacklisted with another company. Qualified tenants with excellent reference checks will always pay the rent on time and look after the property for you.
They’ll help tenants to view the property
You may not be living close by to your property to be able to allow people to walk around it. Property managers can organize open homes for tenants and ensure that you have the applications in your inbox by the evening. If you want a suitable tenant, you have to be available to show them the property but if your time is restricted the property manager can do it for you.
They’ll do the marketing
Not only do you want to find good tenants, you need to make sure that you are marketing the property correctly. Property managers have access to the best websites to promote and advertise your property where most of the tenants’ inquiries will come from.
Property managers do the paperwork
Property managers will always ensure that the correct paperwork has been signed, sealed, and delivered with all parties and ensure that all of your rights and responsibilities have been correctly outlined. It’s very easy to do this wrong, because that can be very fiddly.
You’ll keep your tenants for the long term
When you have a property manager working properly with you on your property, you’ll be able to keep the tenants for as long as possible. Property managers will foster a great relationship with tenants, to ensure things like maintenance are addressed on time. They also ensure that communication is prompt and they’ll be your go-between. If you don’t have time for paperwork, you need a property manager.
Handling maintenance
Professional property managers will conduct regular inspections. This is usually 2 to 3 times a year to make sure that your property is well-maintained. They will address it promptly if it’s not the case, and help you to maintain the value of the investment.
During vacation
The vacation of a property is a big job, and problems can often arise when a tenant wants to leave. Sometimes they don’t give the right notice, or perhaps you need the tenants to move out because you would like your property back. No matter the issue, your property manager can work with you to ensure that you come to a great conclusion together.
Cultivating professional relationships
Between a tenant and a property manager, the relationship between them both should be professional. Boundaries are easily crossed when the landlord develops private friendships with the tenant, and a property manager keeps this relationship a business transaction and not a friendship that gets mixed up with money. When you maintain a business relationship between your tenant and the property manager, you don’t have so much of an issue in collecting rent. You will benefit financially when you have that professional relationship going, so you can ensure that your tenant is happy, you are happy and the property management team is happy, too.
Having tenants can be a big job for a property investor like yourself, but it’s something that you can do to build your property portfolio and keep the mortgage paid. It’s worth checking it out!