Owning a rental property can be an incredibly lucrative investment; however, it can also bring on a whole new world of stress. While some people may be able to manage their property efficiently on their own, it’s just not practical for the majority. Managing a rental property to maximize your income and do it well often requires a lot of time and energy, and some property owners may not even be experienced enough to know where to start. That’s why hiring a property manager may be one of the most important and helpful decisions you can make. Here are some of the top reasons why hiring a property manager may be in your best interest.
You’ll Make More Money
While hiring a property manager is an investment, you may end up making more money in the long run. An experienced property manager will be adept at all of the marketing and recruitment strategies to fill your unit fast and get top dollar. will do market research to ensure you’re getting the maximum rental price for your property and they know how to properly screen and find good tenants quickly to ensure you don’t lose out on income due to vacancies. They also have knowledge and experience about the rates of particular vendors and typically have many contacts in the industry so they can ensure you’re always getting the best deals when it comes to the maintenance and upkeep of your property.
Your Time is Valuable
Chances are your rental property is not your full-time job. Many property owners have a full-time career, a family, day-to-day responsibilities, and a social life to fill their days and evenings. Any time you’re spending managing the property, tending to issues with tenants, or finding a repair man to fix something, you could be doing something else more important. A professional property manager will take the lead and deal with all of these things for you, giving you more time to do the things you want.
Serves as a Tenant Buffer
It’s important to remember your rental property is a business. Sometimes with tenants, this line can get blurred; you may get too personally involved leading to emotional reactions when issues arise. An emotionally invested owner may let tenants slide too long on rent. But the relationship between tenant and landlord, while friendly, needs to remain focused on the business investment long term. A property manager serves as a middleman to keep your relationship with your tenants strictly professional. And if you tend to have issues with confrontation or being the “bad guy” occasionally, a property manager can address issues with tenants that you don’t want to deal with.
They Know the Laws
When it comes to owning a rental property, there’s a long list of state and federal laws you need to comply with. Not doing so could end up costing you a hefty chunk of cash in legal fees and a lot of headaches. The good news is that an experienced property manager knows all the laws, can handle issues efficiently, help you draw out the perfect rental agreement, and ultimately prevent you from running into trouble with any laws down the road.
Manage Vendor Relationships
When owning a property, it’s inevitable at some point you’ll need to call a handyperson, supplier, contractor, or tradesperson of some kind. Maintaining relationships with vendors is not only a time-consuming task that requires effort and experience. A good property manager will have already created these relationships and will know who to call when their services are needed while also overseeing that maintenance and repairs get done correctly, on time, and within budget.
One of the most important aspects of having a property manager is that it means fewer headaches for you. Owning a rental property can come with a lot of stress, like finding good tenants, managing complaints, maintaining your property, making repairs, addressing legal issues, finding vendors, dealing with bad tenants, etc. With an experienced property manager, you can fully rely on these responsibilities to be taken care of while still having a passive income, more time, and ultimately not sacrificing your mental health.