Being a landlord is a fantastic way to boost your income in today’s economy. However, don’t be fooled: being a landlord involves a lot of duties, so it’s difficult to call this stream of income “passive.”
From the moment you decide to rent out your property, your to-do list gets flooded. From finding the right tenants through deciding on the cost of rent all the way to dealing with problems tenants run into when they are already residing in your property, you will have a lot to do. That is unless you decide to outsource the management of your property.
Let’s face it, finding a professional who will take care of things instead of you not only sounds like a dream but it is actually more productive and more efficient.
It’s not difficult to see why a seasoned professional would be able to do things better than a landlord with a full-time job on the side and no previous experience.
If you’re thinking about hiring a property manager, here are a few compelling reasons that will convince you.
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Better knowledge of laws and regulations
Did you know that there is a slew of laws and regulations in place regarding renting out a property? In addition, these laws vary depending on your location. With a property manager on your side, you can rest assured that you don’t accidentally overlook something and end up with an expensive fine or even a lawsuit.
Your property manager will take care of mandatory inspections and maintenance to keep the property safe and up to standards. They will also make sure no discrimination laws are broken during tenant screenings and are familiar with tenancy agreement rules so they can mediate disputes.
Marketing the property
In order to find the right tenants, it is necessary to market and advertise the property. As a landlord, you probably don’t have a lot of experience in this regard.
Property managers, on the other hand, can take care of online advertising as they have access to popular platforms, so they will be able to secure you a tenant much faster.
Finding the right tenants
Renting out a property is actually much more work than just posting an ad and having the first person who comes along sign the papers. If you want to protect yourself and your property, tenants have to be chosen through a careful process.
Property managers know the ins and outs of thorough screening and they may even have access to databases with tenants that have bad histories.
As mentioned, property managers have expertise in marketing the property, too, so they can get your property across to a larger selection of candidates, making the chances of finding ideal ones higher.
Dealing with rent
Collecting rent can be a hassle for landlords. Luckily, property managers can deal with this aspect of your rental, too.
Property managers are more knowledgeable in rent prices for similar properties in the area, so they are able to come up with an optimal sum for your property.
They will also set up a well-working system for collecting payments on time. You won’t have to worry about personally troubling your tenants.
Maintenance and repairs
Another crucial duty that landlords have to deal with its maintenance. Since you are the owner of the property, tenants will turn to you when they have a problem, when something needs to be fixed or changed.
In some cases, it is difficult to tell whether you are to pay for the repairs or your tenants are liable. Dealing with these instances can be a nuisance, but a property manager can help you out.
They will act as a buffer between you and your tenants, in addition, they may have connections that will allow you to get better deals on repairs.
Nevertheless, if your property is within a strata scheme, it’s useful to know what falls under property management as opposed to strata management duties.
Up-to-date with the market
Finally, another invaluable thing property managers have is an insight into the current situation within the real estate market. Being up-to-date with current happenings, they will be able to advise you on the best course of action when you need to make a decision.
They can also tell you when you need to raise or lower your rent, as well as give you advice on how to present your property to appeal to tenants and what upgrades you should invest in to make your property look elegant.
Considering all the aforementioned benefits hiring a property manager brings, it is quite clear how this decision could not only optimize the amount of money you get out of your property but it would also take a huge load of stress off your shoulders.
You can forget about poor tenant turnover, having to deal with difficult tenants, and weekend emergency calls.
A property manager can help you optimize the amount of time you spend on managing your property, allowing you to start thinking about expanding your portfolio with other properties even. All in all, a property manager can make a huge difference in the life of a landlord.