As a real estate investor, you have a lot of plates to juggle. Managing rentals can feel overwhelming and hard to keep up with. The many details involved in managing a rental are intricate and best handled by a property manager saving you time, money and stress.
Here are 7 reasons to hire a property manager:
Keeping you in compliance
Real estate laws change from county to county. It’s important to stay in compliance but almost impossible for you to stay up-to-date without making this your full-time job. However, when you have a property manager on your team, it’s their job to keep up with changes in laws so you stay compliant. This could potentially save you thousands of dollars as it keeps you safe from unnecessary lawsuits.
As tenants turn over in your units, which is to be expected, finding new tenants can take over your life. Hiring a property manager prevents you from having to screen applications for new tenants. Imagine the amount of time and stress you will save by not having to put your boots on the ground when you need to fill a vacancy.
Occasionally you’ll find a needy tenant that takes up a lot of your time. Your time is valuable and it’s frustrating to field endless requests or concerns from a tenant. By working with a property manager, you can sit back and relax knowing it’s taken care of. Property managers will buffer the interaction you have with tenants saving you time.
Repair requests are just a part of the job, but they can quickly feel overwhelming, especially if you own multiple units. These requests often result in managing sub-contractors and keeping up with timelines, which can be a major headache. Property managers are experienced at these tasks and will follow the request through from the submission to completion for you. They will also keep detailed records to help you file your taxes and protect you in the event of disputes.
Answer emergency calls
No one wants to be woken up from a delightful dream only to hear that there’s an emergency at your property. Water leaks, power outages and break-ins are just some things that can happen to your property while you’re sleeping. When you hire a property manager, they field the calls instead of you.
Often times the fees you pay to a property manager are tax deductible. This means that the money you invest to give yourself more freedom and time will also help to improve your bottom line. Contact your financial professional to see if this would apply to you.
Making the most of your investment
Property managers usually charge a percentage, about 6-10% of each month’s rent. While this may feel like a cost you don’t want to take on, think of how much time you will save. When you work with a property management company you have access to their entire range of services, don’t have to be as involved in day-to-day tasks and won’t have to pay an individual a salary to care for the property.
A property manager can help keep you sane as you navigate the waters of real estate investment properties. Reach out today to get a no obligation property management consultation.