1. Handling late payments
If the renter is properly screened, you should not have trouble collecting rent. However, some renters, do pay late. In these situations, the property manager can be the “bad cop” when it comes to chasing the rent and will ensure its collection every month. Whether it requires a phone call, a visit to the property or serving notices, collecting rent is part of the management agreement.
The property manager will have access to a network of professionals for whatever product or service may be needed, including attorneys, insurance agents, contractors, pest control companies, to name just a few. The property manager will be able to refer you with confidence to the right person to meet the needs of your property. This is much better than trying your luck with a phone book.
An experienced property manager will have managed dozens of properties similar to those contained in your portfolio. The property manager will be able will be able to draw upon experience and make appropriate decisions based upon your particular property and the current market.
4. Legal needs
A professional property manager will have extensive knowledge of property management law, which is important to properly handle situations that may arise at your investment property. The property manager will have a close working relationship with one or more attorneys who specialize in landlord/tenant law.
5. Make the most of your time
How much is your time worth? The property manager will save you plenty of time and that’s time that can be spent finding other investment properties, focusing on your career, or being with your family. Your property manager also saves you from being bothered at inopportune times. Who wants to receive a maintenance call at 2 a.m. or while you are attempting to relax on vacation.
6. Reduce administrative costs
Let the property manager pay for the camera, scanner, copier, fax, phone, paper, envelopes, postage, and other equipment required in dealing with your property and renter, instead of paying for it directly. If you have a large portfolio, this can be a significant cost savings.
7. Vendor evaluation
Let the property manager evaluate vendors and suppliers, which means insuring proper licensing, insurance and skills are in place. Just as with renters, failure to properly screen vendors can be a costly mistake.
8. Shorten the distance
If the perfect investment property is located far from where you live, find a local property manager and ease your worries about being out of reach.
A professional property manager will complete a full inspection of the property at the time the resident moves in and again periodically throughout the tenancy. This will assist in addressing physical needs and ensuring that the resident is properly caring for the home.
10. The Most Return on your Money
A seasoned property manager has thorough knowledge of local rents. Setting rental rates should be the owner’s decision, but the property manager will help you to determine the highest rental rate possible for your property.
When hiring a property manager, make sure he/she is licensed and a member of the local rental housing association.