When considering reasons to hire a property manager, it’s important that you consider the value that they would provide to your business. Property managers must be experts in a variety of specialized areas, from real estate markets to tenant law.
Here are just a few of the ways that property managers can save you time and money!
1. Conduct regular maintenance inspections and arrange repairs.
Regular maintenance inspections are critical and can save you valuable time and money, plus help prevent an unfortunate lawsuit! Property managers can conduct periodic inspections and advise you on necessary repairs. They often also have relationships with local contractors who can save you money and hassle when getting the repairs done.
2. Evaluate rental applications.
Property managers have the experience and knowledge to sort through applications and find you high-quality tenants. Plus, you don’t have to worry about awkwardly turning applicants down!
3. Get representation in court.
Should you ever find yourself in court, a good property manager can represent the behalf of the landlord. Good legal representation can save you a lot of money and also remove the stress of the courtroom. Plus, you won’t need to worry about the time that it takes to prepare!
4. Get advice on insurance policies and file claims.
Property managers typically have great resources in the insurance world. They can advise the best plan for your needs (which can, ultimately, save you thousands of dollars!) and help file claims if you should ever need to.
5. Market your property effectively.
Whether it’s print media, digital marketing, newspaper ads, or signage, expert property managers help you reach the most qualified market possible. Ultimately, this saves you marketing dollars, time (no more responding to questions!), and helps you reduce expensive vacancies.
Property managers understand your local market and help you reach and find tenants effectively and affordably.
6. Save time when listing your property.
A professional property manager can drastically decrease the amount of overwhelming and time-consuming paperwork involved in listing your property for rent. And who doesn’t want more time?
7. Get high-quality property photos.
Property managers can take high-quality, detailed photos of your rental property so that you have a thorough, realistic idea of the property’s condition. These pictures provide valuable information that helps you protect your investment from wear and tear.
8. Monitor rent levels.
Avoid direct communications with your tenants and gradually increase rent prices over time to make the most of your investment.
9. Determine the value of your property.
A good property manager can help you get an accurate estimate of your property value based on a variety of factors. This can then help you report accurately to your insurance company, monitor your property growth, understand the equity you’ve built, and understand the market.
10. Set private tenant showings.
Property managers can schedule private showings of your property to qualified individuals, saving you the time and hassle of dealing with unknown prospects.
11. Prepare tenancy documents.
Property managers can negotiate with tenants and provide accurate documentation, saving you both time and hassle.
12. Collect rent and money owed.
Avoid uncomfortable situations and ensure that money is collected before things spiral out of control.
Stop having to chase after your tenants; a property manager can handle it all.
13. File your ongoing property condition report.
This is critical to have on-hand, especially if you ever find yourself in court.
14. Pay bills for your property.
Don’t be late on another bill! Property managers can pay all of your bills on time, ensuring no late fees or charges.
15. Provide consistent financial reports.
Maintain accurate financial books and keep an eye on payments and receivables.
16. Resolve tenant conflicts.
Avoid painful arguments with tenants; a property manager can handle these for you, reducing stress levels and acting with a degree of separation.
17. Avoid legal problems.
Property managers are kept abreast of the laws that you should follow and can help you avoid legal pitfalls that could result in a lawsuit.