Some landlords prefer to be hands-on, meaning they like showing up to their rental properties on the weekend to handle routine maintenance calls. Other property owners prefer a hands-off approach, meaning they hire a property manager to manage their properties and their day-to-day running.
There’s absolutely nothing wrong with either approach. But at the same time, hiring a property manager definitely has its advantages. To help you better understand the major benefits of bringing a property manager into the fold, we’d like to share four reasons why they can transform your business and life and send it in a positive direction.
Advantage #1: They Act As a Buffer between You and Your Tenants
Listen, when you own property things are going to happen from time to time and tenants are going to become upset and agitated. Do you want the aggravation of handling these tenants? Or would you prefer to pay someone else to take this massive burden off your shoulders?
Most landlords love hiring property managers to handle tenant concerns. As an example, if something happens to break on a Saturday evening, like the heat suddenly stops working in the middle of the winter, do you want 20 tenants calling you to tell you about the problem? Or would you rather have your property manager speak with the tenants, contact the heating and A/C contractor, and handle the problem on your behalf?
Many property owners would prefer the latter. This way they can continue enjoying their Saturday night without worrying about being interrupted every time a problem rears its ugly head at one of your rental units.
Also Worth a Read: How to Choose the Best Tenants
Advantage #2: Tenant Turnover Will Decrease
The beauty of having a dedicated property management company on your side is they are there to work diligently 24/7 to keep each and every one of your tenants happy. They go above and beyond to make sure everyone leasing one of your rental units is more than satisfied with their living situation.
On the other hand, if you were to attempt to manage all of your tenants by yourself, you may not be able to work as hard as a management company works on your behalf. You might not be able to get to problems right away, while a management company can send one of its staff members to handle an issue. You might not be able to respond to tenants immediately, whereas a management company is paid to respond to inquiries immediately.
So, even if you have to raise the rent, many of your tenants will still stick around because of the positive experience. But this usually only happens when a rock-solid property management company is in place to handle all of the important tenant demands.
Advantage #3: Property Managers Make Sure the Rent Gets Paid On Time
Did you know that property management companies have built-in motivation to collect the rent on time? Yes, it’s true. Believe it or not, the way these companies structure their monthly fees is they deduct them from the monthly rent.
So, it obviously makes sense that if they want to get paid, you have to get paid first. If they cannot consistently collect the rent, then they are going to consistently suffer as well because there won’t be enough money available to pay them.
As you can see, as a property owner this is very beneficial to you. It means you have motivated people working diligently on your behalf to make sure everyone gets paid.
Advantage #4: Hiring a Professional Management Company Reduces Headaches
Guess what? If you decide to handle the day-to-day management of your rental properties, you have to be prepared for lots of annoyances.
Why? Property management is a stressful job as you know as a property owner. Your quality life is going to suffer because of the demands of your tenants. They will expect the world from you and as their landlord it’s expected that you deliver.
The best way to get rid of property owner headaches is to hire a management company to handle these responsibilities on your behalf. Then you can focus on the fun parts, like finding great real estate, purchasing it, fixing up the properties, and all the other good things that drew you to the idea of becoming a landlord in the first place.
At this stage of the game, you obviously see the benefit of hiring a property manager. And you deserve this indulgence because you’ve worked hard all your life and it’s time to let someone else step in and take the reins for a little while. So enjoy your newfound freedom and remember to put your additional time to good use.