Managing a rental property is hard work, especially if you lack experience. As well as finding and managing tenants, you have to worry about maintenance and working with vendors. Because there is so much to think about, it’s very easy for things to slip under the radar. However, plenty of landlords shy away from hiring a property manager because there is a cost involved. They don’t want extra costs to eat into their rental yields, so they opt to go it alone.
If this sounds like you, continue reading to find out why hiring a property manager might save you money in the long run.
Advertising Rental Properties
It isn’t always easy finding tenants. In some areas, rental properties are readily available, so prospective tenants can afford to be choosy. Even if market demand is right, you need to know where to look if you have a niche property.
Because property managers are highly experienced, they know the private rental market inside and out. If you need a tenant, you can let them handle the advertising and prepare marketing materials. It’s more beneficial for landlords this way, as it will likely take far less time to find a suitable tenant.
The last thing any landlord wants is a bad tenant moving in. Bad tenants cause havoc. They damage properties, don’t pay the rent, and are very difficult to remove. If you are an inexperienced, part-time landlord, you might not spot a bad tenant, which will cost you dearly.
Good property managers have thorough tenant screening procedures. A property management company like baymgmtgroup.com, for example, offers a six-month tenant warranty, so if you end up with a bum tenant within six months, the company will release the property for free. Because they only attract top-quality renters, you can relax.
There’s not much worse than having to deal with a blocked toilet or major roach problem. And if you’re a landlord, you can pretty much guarantee these issues occur at the least convenient time. One of the best things about using a property manager is that such issues become their issues. You can get on with your life while the management company handles repairs and deals with trades and suppliers. Often, they’ll be able to negotiate better prices for the work too, so it saves you money.
Long-Distance Property Management
It’s not uncommon for landlords to invest in properties a long way from their home address. This represents a problem when it comes to day-to-day management. After all, if you live 2,000 miles away, you can’t exactly rush over when there is a problem. This is where a property manager comes in handy. Hire them to take care of the property management, and you just got yourself an armchair investment.
With so much regulation and legislation to think about, do you want to risk being caught on the hop? Property managers have to stay current with housing regulation and property law; it’s their job.
Property managers cost money, but they save money and time. It is a no-brainer unless you want to be a full-time landlord.