5 Great Reasons to Hire a Property Manager
Being a landlord can be rewarding: you have a passive income stream while building equity in your property. But there can be many headaches, too. Calls at 3 A.M. because the air conditioner quit and it’s too hot to sleep. Calls on Sunday afternoon because the refrigerator isn’t making ice… but you’re at a family cookout. Calls when you’re on vacation because the toilet overflowed... The roof is leaking... The smoke detector is beeping... The water heater is making a funny noise. Ah, the joys of homeownership - and home maintenance.
Fortunately, a professional Property Manager can be your Excedrin and make those headaches go away.
Here are 5 great reasons it can make sense to hire a professional Property Manager to handle your rental investments so you can enjoy more free time and peace of mind:
- They have way more experience than you do at screening applicants to make sure you get reliable tenants. It goes beyond background and credit checks. They know what red flags to watch for.
- They will be the contact point for your tenants. No more calls in the wee hours, on the weekends, or while you’re on vacation. This is especially important if you do not live in close proximity to your investment property. Plus, because Property Managers represent multiple clients, service and repair companies often give their calls priority response, especially ‘after hours’.
- Property managers want to keep your tenants happy. They know the importance of resolving problems as quickly as possible. Happy renters will stay longer and take better care of your property.
- They make sure rent is paid on time. Because many PMs deduct their fee from the collected rent, it motivates them to make sure those payments come in on time. You don’t even have to go to the bank to deposit your rent payment!
- Professional Property Managers typically have an attorney available to enforce lease policies, or, in a worst-case scenario, issue an eviction notice.
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