Being a landlord is a big commitment, especially for those who can’t dedicate 100% of their time and energy to its success. Marketing, finding tenants, and otherwise managing the maintenance and financial aspects of your property can be time-consuming. For those who are new to investment properties, it can be downright overwhelming.
Hiring a property manager may be considered an investment in and of itself. Whether you simply can’t dedicate the time needed to nurture your new source of passive income or your primary residence is not in the immediate vicinity, a property manager will help you every step of the way. For a small fee, you can essentially put your income on autopilot. Here are some of the benefits that come with hiring a property manager.
- Marketing and pricing. Sometimes it’s difficult to know what people are looking for in a rental property, the positive aspects that you should highlight when marketing. Perhaps even more difficult is coming up with a rental rate that is fair but competitive. A property manager can work alongside you, or even do this for you.
- Screening potential tenants can take a long time, and there are typically many steps to the process. Background checks, credit reports, and references can all be handled by your property manager.
- Rent collection. This is the fun part! In practice, however, rent collection can sometimes be difficult. What do you do when someone asks for an extension on their rent? How do you handle late or missed payments? A property manager will take care of this for you. Fortunately, they are typically better equipped to handle these types of situations.
- From leaky pipes and loose wiring to a stovetop on the fritz, ensuring that everything is running smoothly can be a full-time job on its own. It’s important that tenants maintenance requests take priority, preferably completed within 24 hours. A property manager can fulfill these requests for you, freeing up your schedule to focus on other pressing matters.
- Geographic diversity. The great thing about property management is that you can expand your reach. Rather than being restrained to your immediate vicinity, a property manager will keep up with your investment wherever it may be located. This is particularly helpful for those that don’t have many viable options in their area.
There you have it. A property manager is an investment, but perhaps you would consider it a necessary one. Whether you’re new to the rental property scene or you’ve been doing this for years, it may time to put your investments on autopilot.