Owning a rental property is an excellent investment, but managing that property can be challenging if you're operating from a different city or don't have previous experience in property management.
Hiring a property manager takes away the difficulty of managing a property, while also adding significant value to your tenants' lives. Here are a few reasons why you should consider hiring a property manager.
One of the most important parts of owning a rental property is making sure vacancies are few and far between. A property manager will advertise your property, vet applicants, do interviews, and eventually sign a lease with a new tenant. Doing all of these things requires knowledge of the market you're operating in, as well as knowing what to look for in a prospective tenant. When you hire a good property manager, you won't need to be involved in any of these steps, as you'll have the reassurance that your property manager is filling vacancies with the best possible tenants.
Handling Maintenance and Issues
When your furnace breaks down but you're on the other side of the province, you're in a tight spot. Having a local property manager will help you avoid being stuck, as your manager will be able to hire a maintenance worker without having to get you involved. Giving the property manager the ability to hire contractors will help you avoid unnecessary headaches. This allows them to find the best possible people to add extra value to your property. Furthermore, property managers, or property management companies are well rehearsed in the legalities of apartment rentals. If any potential problems come up regarding leases, damages, or anything else, the property manager will be able to handle those issues as they arise.
Property managers will handle all the financial aspects of your rental property, from collecting security deposits and monthly rent payments, to gathering late fees. Furthermore, with expert knowledge of the market you're operating in, property managers can help you set the best rental rate possible in your city. This is accomplished by looking at comparable properties near yours and doing extensive property evaluations. Lastly, property managers take the hassle out of paying mortgages, taxes and utilities. Once they are set up with a property spending account, you won't need to worry about making sure bills are paid on time.
When it comes to your rental investment, you want your property and your tenants in the best hands possible, this is the true value of a property management company.