Why Should I Hire a Property Manager
There are many reasons why your property's long term investment needs the services of a property manager. This article looks at some of the things that you should put under consideration when deciding whether to manage your property on your own or seek the expertise of a property manager. Going through each of these items, you will discover that there is a dollar expense associated with each of them. This helps to show the necessity of a property manager's monthly expense.
1. Finding Qualified Tenants
A majority of the evictions that you do are due to taking in poorly screened tenants. Only later do you find that the tenants you allowed to let into your properties have one or more evictions on their records. Property managers come in handy here as they will use a fine-tooth comb to go through the records of each potential tenant before allowing them to stay on your property. An eviction is a costly affair due to the loss of income, wastage of time and costs associated with cleaning and repairs. These expenses alone justify the necessity of a property manager. We go through everything from the potential tenant's credit rating, whether he or she is on the sex offender's list, their previous evictions and even their income to establish whether they can afford to stay on the property. This goes a long way in reducing evictions.
2. Finding Qualified Tenants Fast
Using the proper channels to market your property is key in this business. We liaise with all the major rental sites and follow up on every single lead and call. If you are a property owner with a full-time job, are you in a position to show the property at 9am and later on at 2pm and 4pm? Our team is at hand to make tenants out of these prospects ASAP. Just think how much money we save you by reaching more people per day than you can and lease the property faster than you ever could.
3. Proper Inspections on Moving In and Out
We are experts in going through the details carefully and collecting all the necessary deposits needed for your investment's maintenance. Carpet stains, holes in the wall and a lot more. Maintenance of your investment is our core business as we charge repairs on tenants where it is justified to do so. We are able to do this thanks to the process we take new tenants through. We take videos and photos so that the tenant knows the exact condition of the house when they moved in. Thousands of dollars are saved through this process. Huge losses are incurred by property owners in repairs when they pay for damages caused by tenants who left with their deposits a long time ago.
4. Keep Up on Market Rents
This is another common mistake made by managers who choose to manage their own properties. Proper adjustments on rents at the end of a lease term are hardly ever made. A property manager will be updated with the latest market rates and enforce them at the end of every lease term if necessary. Always remember that this is an investment and you need to make as much money from it as possible. There is a property that is currently under my portfolio. The owner forewent over $20,000 in the last 7 years thanks to his inability to raise the rent on new tenants moving in.
5. Ensuring Your Compliance With Legislation on Housing
There are numerous laws that you need to adhere to when it comes to the rental and maintenance of your property. These can be found at all administrative levels - local, state as well as federal. Fair housing regulations like the ADA also fall on this list. A property manager will be useful in helping you avoid lawsuits and fines by keeping you updated on all the compliance requirements as well as changes in laws regarding your property. This could save you a lot of money in the long run.
6. Dealing with the Headaches
This blog could go on for many pages if I was to enumerate every single reason why you need to seek the services of a property manager. Here is a brief list of some of the tasks that a property manager will do for you - pay state and county taxes, provide tax reports, handle HOA letters and problems, pay vendors and suppliers for repairs and maintenance, follow up on tenants who are late on their payments, promptly evict tenants who fail to pay their rents, evict tenants who are involved in criminal activities, handle emergency problems like floods, fire etc