Why hire a property manager when you could just do it yourself?
Owning an investment property is a great way to expand your portfolio and make some extra money, but it can also be a lot of work. Being a landlord isn’t always easy, but hiring a property management company is an additional expense that some people just aren’t willing to pay. However, here at Stowers Real Estate, we think the benefits of property management are well worth the cost, and in fact, many of them can even help you recoup the cost of hiring a property manager. Here are just a few of the many benefits of hiring a property manager:
#1. You’ll have higher quality tenants.
When you’re going over tenant applications or interviewing prospective tenants, it can be difficult to sort the responsible tenants from the not-so-responsible ones. With just a piece of paper and a 10-minute conversation, it’s not always easy to tell if they will pay their rent on time or throw rowdy parties that will annoy the neighbors. Hiring a property manager makes finding the right tenants a lot easier, because they have a standardized process that includes background checks, credits checks and other screening methods.
#2. You’ll have a better chance at avoiding legal problems.
When you become a landlord, you open yourself up to many different legal issues involving resident rights, safety, the eviction process, leasing disclosures, collecting rent and charging late fees, licenses, permits, etc. If you are unprepared for these legal issues, you could be left footing the bill or paying the consequences. With a savvy property management company on your side, you’ll be prepared for any legal issue that may come your way.
#3. You’ll retain more residents and have shorter vacancies to deal with.
Nothing can put a financial strain on a rental property owner more than a vacancy. Most people who own rental properties depend on the rent being paid every month in order to pay the mortgage, but if the property is vacant for too long, it can become a real financial burden. It can take a lot of time and resources to market a rental property and find the right tenants, and having the might of a property management company behind you can help to ease the burden of finding new renters. In addition to helping you market your rental property and find new, high-quality tenants quickly, a property management company can also help you to better retain the tenants you do have.
Many of the benefits of hiring a property management company can help to ease or even help you recoup the costs of hiring one in the first place. If you’re still on the fence about property management for your rental property, please make sure that you stay tuned for our next blog to learn about a few more benefits that hiring a property manager will help you enjoy. If you have any questions or concerns about the benefits we’ve already covered, or about our property management services in Danville, please feel free to give us a call at Stowers Real Estate today!