Real estate can be an extremely time consuming project for homeowners, especially owners that own multiple properties. In addition to your daily life, you have the responsibility of making sure your tenants are taken care of. Whether there’s an issue inside that needs an immediate fix or there’s an unsightly tree outside that you want removed, there’s always extra responsibilities to deal with and important decisions to make.
One way to make the process easier for the homeowners and for the tenants is by hiring a property manager. A property manager is a person or a company charged with running a real estate property when the homeowner is unable to commit the time and effort or doesn’t want to.
Benefits of having a property manager
If you’re a homeowner and are looking to expand and own multiple properties, the benefits of a property manager can be substantial. Here are just some of the reasons why hiring a property manager is a better option than going it alone.
- They’ll Handle the Little Things– Typically a property manager will interact directly with your applicants and your tenants. They’ll usually be in charge of marketing and advertising your listed properties and will host showings of the home. They’ll also take care of tenant issues like collecting the rent, making deposits to your bank account and coordinating any tenant’s repair issues.
- They’ll Save You Time– By handling all of the day to day issues with your tenants, a property manager will help you avoid time consuming tasks and will alleviate a majority of the stress that comes with owning property.
- They’ll Find Great Tenants– If you find an experienced property manager then chances are they’ll be great at finding exceptional tenants. Property managers will know all the details to look for and will take care of things like the background check, credit reports, verifying employment and also collecting any references from previous landlords.
- They’ll Make Sure Your Following the Laws– As a homeowner you know that there is a seemingly endless amount of regulations and laws that you have to consider and follow when renting out your property. These can be everything from local, state and federal laws along with fair housing. A property manager will make sure that your properties are up to date and in compliance with any and all of the proper regulations.
- They’ll Take Care of the Harder Things– In addition to all of the tasks that your property manager will handle; they’ll also take care of the more difficult things like dealing with upset or unruly tenants. It’s also important to note that they’ll be by your side should you have to pursue evictions or any legal actions.
Some important things to consider
The benefits of a property manager are plentiful but it’s important to consider your situation or your goals as a property owner. With that in mind, here are some things to take into consideration about whether hiring a property manager is right for you.
- How Detail Oriented Are You? If property management doesn’t seem like an interesting thing for you or if you have trouble staying organized then hiring a professional will make the process much easier for you.
- Are You a Busy Person? You’ll on average usually have to dedicate between 2-10 hours a month for your properties. If that sounds impossible in your already packed schedule full of commitments then consider hiring a property manager. They’ll take care of all the commitments that owning a rental property entails and relieve your already busy schedule.
- Are You Having Trouble Renting? If you’re having a hard time keeping tenants in your property or even getting tenants in the first place, a property manager can greatly help your marketing. While it’s not a guarantee, property managers usually come with extensive experience in marketing techniques and can greatly help fill your vacancies with quality tenants.
Owning properties can be a very successful business in itself if you have the time to commit. If it sounds like a venture you’d be interested in though you’re unsure if you have the time or experience or if management simply doesn’t appeal to you, hiring an experienced property manager can be a great way to make your properties more successful while ensuring that all the proper rules and laws are followed.