Hiring a professional property manager can be an excellent solution for owners and landlords who are either inexperienced, overwhelmed with the upkeep and maintenance of their investments, or simply don’t have the time it takes to make that investment successful.
Property Managers have Knowledge of the Rental Market, Rates and Property Values
A professional property manager understands, and if familiar with the local rental markets, and understands how to get you the maximum rate possible for your rental units. If you misjudge the market and price your units too high, they will sit empty, sometimes for months at a time, price the units too low, and you will get stuck in a situation where your investment returns are not what you hoped they would be.
Finding the Right Tenants
A Professional Property Manager knows that good tenants can either make or break a real estate investment. They have experience advertising for the best tenants, and experience in interviewing and determining which ones will be the best fit for your property. Screening processes should include checking and verifying rental history, past eviction history, rental references, employment references, credit score checks, and other references as necessary. A solid tenant is the foundation of your investment success, and establishing and maintaining relationships with good tenants is something a Professional Property Manager knows all about.
How Many Units You Own
As the number of units you own increases, so do your responsibilities. The more tenants you have, the more maintenance issues, complaints and vacancies you will have to deal with. In addition, if your units are spread across multiple properties, your time commitment will increase as you will have to manage the cash flow of each individual property as well as physically commute from property to property to handle issues.
Compliance with the Law
Every year, more regulations pass in the rental industry. Staying out of trouble requires strict compliance to fair housing laws, municipal ordinances and codes, disclosure requirements, and more. For example, if you own a rental property built prior to 1978, did you know you have to make a disclosure to the tenant and provide them with the pamphlet entitled “Protect Your Family From Lead in Your home?” Do you understand what classes of people are legally protected? There are many much lesser known laws landlords need to know and comply with to avoid costly fines and legal fees. Let a professional property manager navigate the complexities of today’s rental industry.