In this article, we will look at the value of hiring a professional property manager even if you just have one rental property.
A professional property manager is essential for any rental property owner. They can help with maintenance and repairs, finding tenants, and collecting rent. They can also provide you with a monthly or yearly report of your income, expenses, and more. The list of skills they bring to the table heavily outweighs the cost to hire them.
The best property managers bring qualities like:
knowledge of local market
excellent customer service
great marketing skills
proficient in rent real estate related technology
good negotiation skills
legal knowledge
excellent time management
financial experience
economics knowledge
Let’s talk about the ways property management can save you time and money, as well as give you peace of mind (Even if you just have one property or a house flipping business)
How Property Management saves you money
Property managers are not just people who manage the properties. They are also responsible for the financial well-being of the property which includes calculating rent, collecting rent, and setting up leases. According to this Jacksonville property management company saving money can fast track you to owning multiple properties in a shorter amount of time, here’s a few ways property management saves you money:
Collecting payment can be a monthly struggle. Especially if you’ve got other things going on. Failure to keep up on this leads to lost revenue. Property managers are well versed in how to handle this, ensuring you always have money coming into your bank account.
Calculating rental rates can be a complicated process. Property Managers have the knowledge and options required to guarantee you are maximizing income and keeping tenants happy.
Keeping up on Lease renewals is an often overlooked task that can be quite problematic. Managing your property yourself can lead to last minute renewals, which discourage renter confidence. Having a property manager who is proactive in renewals will lead to happier renters and higher renter retention.
How Property Management saves you time
Property managers take worrying about the property off your plate. They will find and vet the best tenants, manage all day-to-day requests, and make sure renewals are sent out.
Property management is a huge time saver and creates truly passive income. Here’s just a few examples of how you save time with property managers, time you can then use to invest in more properties!
-Property managers have reliable vendors for all your needs, whether you need plumbing work or just need a light bulb changed. Finding the right contractor can be extremely time consuming, especially if you don’t choose the right ones. Failure to keep up on maintenance leads to unhappy renters, and therefore empty properties.
Bonus:Often, managers take the time to negotiate with vendors and get you better rates so that you can save money.
-There’s a lot of paperwork involved in renting a property. Learning what everything means and what's required can be a full time job. Property managers already know what’s needed, so you don’t have to worry about it.
-Interacting with tenants can be very time intensive, from dealing with questions and concerns, to dealing with disciplinary action. Every interaction takes time, property managers know how to efficiently handle these things so you don’t have to.
How Property Management Gives you Peace of Mind
Sure, money and time are great, but they both matter a lot less when you are stressed out. According to Excellence Property Management hiring a property manager can provide peace of mind, which allows you to not only have a passive income, but enjoy it too. Some points on how property managers provide peace of mind:
Depending on where you are, there can be a plethora of compliance and regulations you have to follow. Managing this can be a royal pain, and failure to manage this can be the end of your rental property. Managers keep up to date on all compliance needs, to ensure your property is good to go. We have an entire article on How property Managers can help you with compliance, you can check that out here
Legal issues are going to come up with any business. Whether it’s contract related or otherwise. Not having to worry about these instances so you can focus on broadening your portfolio is invaluable.
Nobody wants an empty property. Unfortunately people move, and your priorities can quickly shift if you suddenly find yourself with a vacancy. If you are self-managing the property, you have to drop everything to fill the vacancy, or go a month or two with no renters, losing precious rental income. This can be extremely stressful, but with a property manager you can not only rest at ease that they will fill the vacancy, but know that they are finding the very best tenant.
Conclusion
As you can see, even if you just own one property, hiring a property manager makes a lot of sense. It saves you money by getting the most bang for your buck, saves you time by handling all those pesky tasks, and gives you peace of mind by making sure your property is full of safe, happy tenants.