6 Reasons Why You Need An Established Property Manager

As a landlord, all you want from your property investment is that it fetches you steady returns. It all comes with a price though. The seasoned landlord is well aware that there are serious resources of mind, finance, and time involved in ensuring that their property investment pays consistent returns. On the other hand, there are landlords who sit back and enjoy the returns from their property investment and leave the ‘management business’ to their established rental property manager. It all starts with getting your property evaluated; know how much rent your property merits.

Also, those thinking that they are shrinking their ‘slice of the profit’ by hiring the services of a property manager should rethink their position. If anything, a property manager ensures you receive your pie in the first place, perhaps a larger piece than you’d expect to receive. Still not convinced as to why you should hire a property manager? Here’s all the convincing you’re going to need.

1) Giving Your Property the Best Platform

The last thing a landlord wants is for their property to remain vacant. Your investment is technically a liability if you find no tenants. With the traditional means of finding tenants becoming increasingly outdated and obsolete, we must turn to property managers to modernize ourselves. Established property managers give you the best platform to ensure your property reaches a large number of tenants, that is, through online rental property listing. Your tenants are most likely relying on the internet to find a suitable accommodation. Your property being listed among other relevant properties in your vicinity is a good thing. Exposure through an online platform is precisely what you need to ensure your property never goes vacant.

2) Coordinating with Prospective Tenants

You’re most likely aware that finding the prospective tenant involves much, much more than simply dialling a few numbers. You will need to schedule appointments with each prospective tenant who intends to view your property. You will have to deal with prospective tenants who are actually pretty unsure about what they really want. You will have to respond to multiple emails and phone calls to answer to their (sometimes obscure) queries. And, lastly, you will have to make sense of the tens of applications you will end up receiving. Why hire a property manager? To avoid everything we just listed above!

3) Creating a Comprehensive Lease Agreement

There is so much that can go wrong with the lease agreement. For starters, your lease agreement can turn out to be a serious liability if you’ve accidentally omitted an essential term from the agreement. Also, it’s important to be aware of all the requisite landlord responsibilities and tenant rights that are imposed upon on a federal and municipal level. The last thing you want is to be fined for not keeping up with compliance rules set forth. A comprehensive, shrewdly-worded legal agreement is essential to ensure you have all the leverage you need should a dispute arise at a later date. You hire a rental property manager because they can curate a robust rental lease agreement to protect you.

4) Weeding Out Undesirable Tenants

To those landlords who haven’t written the comprehensive guide to dealing with rental applications, let us tell you that the process isn’t as simple as it seems. You have multiple factors to consider at the same time. You have to ensure the tenant has no criminal history, has no history of debts, has a solid credit score, is of good nature, and will treat your property with all the respect it deserves. It’s useful to understand that checking credit and criminal history, availing feedback from all the listed references, and assessing the nature of multiple tenants at the same time is not easy. A bad tenant is a nightmare, and you can’t afford to chance a thing like this with so much at stake. Allow your rental property manager to do the laborious work, and save countless hours for other productive (or leisurely?) activities.

5) Adding the Right Buffer

An established rental property manager is perfectly placed to act as the buffer between you and your tenant. This buffer is tasked with handling your affairs in a strictly detached and a professional manner. And, this ensures things don’t blow out of proportion in the midst of a heated argument. On the other hand, some landlords are too lenient with their tenant and this can lead to unprofessionalism on their part. After all, the landlord-tenant agreement is strictly about business. Your rental property manager has made a business out of managing the peace between landlords and tenants and thus qualifies as the perfect buffer in the process.

6) Ensuring the Collection of Rent

Following up with the tenant regarding payment of monthly dues is not an enjoyable activity for most landlords, particularly when there are irregularities regarding the same? For instance, let us assume the rent wasn’t delivered on time. What will be your plan of action? How long are you going to wait before establishing contact and how are you going to deal with any given line of reasoning they offer? Rid yourself of this hassle by investing a little extra in a solid property management contract instead. The beauty of this arrangement is that the property manager deals with the collection and ensures the money reaches your bank account on time. Allow them to deal with any discrepancies in the way they deem right.

Furthermore, you’re also ensuring that your rental property is maintained in a timely fashion. Without the property manager, you’d be tasked with ensuring your rental property is clean before the tenant arrives. Contact us to learn more about the specifics of what a comprehensive property management contract has in store for you.