As a landlord, managing your own properties can be a challenge more so if you have other responsibilities to tend to. Sometimes the time in a day isn’t enough for landlords to work on property vacancies, collect the rent from tenants, doing tenant screening, overseeing maintenance and repairs, etc. This is why some landlords turn to property management companies and hire a property manager to do all of the work for them. Having a competent manager can add great value to your property investment which makes the cost of having one really worth it.
Many property managers make use of Property Management Software which is really helpful for the landlord during times when he wants to view reports and data regarding his properties. If you are yet to get a property manager, here are some things that they can help you out with to convince you.
1.) Make sure you get good tenants – Before you accept tenants, first you will have to screen them and check their records (credit history, criminal, rent, etc.) to make sure that they are proper tenants who won’t give you any problems. However, chances are you will still end up with a few undesirable tenants. Property managers have greater knowledge and can do the screening better being able to see things that you may have missed ensuring that the tenants you get are law abiding and are capable of paying the rent on time.
2.) Improve your tenant retention – During a tenant turnover, you will have to do a lot of work like cleaning the property, doing some lock changing, performing maintenance and repairs, etc. All of this can be avoided if you keep your tenants happy and stay. Property managers and companies have their own retention policies that have been tested and can keep tenants happy in your property. Your property manager will oversee programs that can really improve your tenant retention.
3.) Lessen the costs of maintaining and repairing your properties – Sometimes certain repairs can cost you a lot which will be reflected in the data in your Property Management Software. By signing with a property manager and a property management company, you are able to work with the maintenance staff that works for them as well as get in contact with their contractors who will do the repairs and maintenance in your properties for a lower price.
4.) Make the rent collection process tighter – As a landlord, you should be strict with the collection of the rent to ensure that you have proper cash flow. If your tenants fail to follow the terms of the lease, you should impose the proper sanctions. You can check the payments made through your Property Management Software. By having a property manager, you have someone who will make sure that the payments are made and will impose the sanctions in your behalf.
Now that you are aware of a few things a property manager can do for you, maybe you should make the decision to hire one. It will take away a lot of work load on you so that you can use your time for other things.