It can be hard to own property and be a landlord at the same time. If you are losing time and money due to renter turnover or costly repairs, property management firms might be able to help. Here are four ways hiring on a property manager to manage your rental properties can actually save you money in the long run.
1. Vetting Prospective Tenants
Property management firms make their business in the rental industry and will be more equipped at holding open houses, running credit checks, and calling references. By having the best quality tenants, you will have less renter issues such as late payments, damages, or move outs before leases are up. Property management firms will have more time and expertise to really pick and choose the best tenants for your property rentals.
2. Lowering Your Maintenance Costs
If you are in a different town or state than your rental property, it might be hard to know who to call when your tenant is having an issue. Property managers have long standing relationships with those providing services such as plumbing and electrical work. This can help property managers ensure quality work for lower costs. This can be especially important if there are emergency situations or property issues after hours. Property managers can be the first contact for your renters and will have companies that they can call in to help right away.
3. Interfacing with Existing Tenants
It can be hard as the owner of rental properties to keep up on rental payments and ensure that scheduled inspections occur. Property management companies can set up billing notifications and can fine renters that are late on their rent. They can also work up a schedule to conduct property inspections. This might be for an entire multi-unit building, or for the interiors of homes and apartments to ensure everything is in working order.
4. Keeping You in Compliance
Just because you own a rental property doesn't mean you will know all of the legal ins and outs that come with this and renter's rights. A property management firm can keep you in compliance and make sure that you are following the local laws as a landlord. Especially if you live in a different state or county, laws on eviction, visiting properties, and timely correspondence can be different.
Owning a rental property can be a great way to earn money if this is done correctly. Your rental property may start to take up more of your time, effort, and money than you would like. A property management firm can do the hard work for you when it comes to maintenance and tenants and can even end up saving you money.