Your time is precious
Unless you are retired or want to spend your free time dealing with angry tenants, it’s more efficient to rely on a property manager to handle these tasks on your behalf. The hours required to market a vacant property to scores of media sites, thoroughly qualify prospective tenants, attend to making the property ready for occupancy, collecting rents and handling banking transactions, and dealing with emergency and routine maintenance add up. Wouldn’t you rather be doing something else with your time?
You’re not an expert in real estate
Rules and regulations from state and local boards, property ordinances, and rental contract laws change all the time. It’s hard to stay abreast of the rules of the road unless it’s your full-time business. A desirable property manager is likely a trained and accredited professional who is aware of the latest issues and changes to best practices in leasing.
You don’t live nearby
Maybe your family originally owned the property in another city, or perhaps you have identified a real estate market that promises good investment prospects. Either way, taking care of the myriad details from a distance creates huge difficulties in leasing, collections, and maintenance. A plus would be a property manager who offers full access to your financial, banking, and maintenance information online, providing the ultimate in convenience for you.
You aren’t a skilled contractor
While many repairs are simple, others may require highly skilled, licensed professionals to complete. Sometimes it’s hard to tell which will be the case in the beginning, and a handyman’s knowledge (or lack of it) can create bigger headaches and expenses than you want. Property managers typically hire the most experienced and bonded contractors to perform these duties, insuring quality repairs and long-term protection of your investment. Long-term working relationships between these contractors and the property management company often result in favored rates, another benefit to you that can add up over time.
You want less vacancy time and better tenants
Let’s face it: When a home is vacant, it’s not making you any money. When a “bad” tenant is on your lease, there’s a potential they will cost you money one way or the other. A professional property manager is your best investment against either of those situations. Vacancies are often a result of poor marketing, overpricing, or incomplete repairs or updates. A property manager attends to those issues swiftly to get your property occupied and in pay status. Regarding the less-than-perfect tenant, strict screening and prompt collections efforts by your property manager can spell the difference in your bottom line, keeping your leased homes occupied and more money in your pocket in the long run.
