Property management and real estate investing go hand in hand. Perhaps this is why the field of property management is worth just shy of $18 billion today.
You need to hire a property manager if you have an apartment, condo, duplex, single-family home, or any other property that you’re renting out to tenants. If you consider property managers a bonus or luxury, rather than a necessity – think again.
Here are a few major advantages of working with a quality property manager.
1. The Property Manager Offers a Friendly, Professional Face
Owning property is one thing, but property managers also serve as a friendly and professional face for your tenants to see and interact with. This is especially helpful when you own a community with several rental units. Tenants appreciate this continuity and knowing who to turn to with their questions and concerns.
Property managers are trained, effective communicators that also bring positive energy to your community. Your tenants will have peace of mind that will make them want to rent with you for a long time. Explore options with a company like emperormgmt.com to see what kinds of services they offer.
2. You Can Grow Your Investment Portfolio
The goal of any rental property is to earn consistent profits and revenue. A good property manager is the difference between turning these properties into assets, rather than liabilities.
Property managers also free you to explore more investment opportunities. Once you trust the way one property is managed, you’ll feel comfortable buying and renting out others. Property managers are often trained to oversee many different properties throughout the city, so don’t hesitate to add more rental units to your account once you’ve built trust and rapport.
3. Property Managers Provide Excellent Bookkeeping and Accounting
Organization is the greatest gift that property managers provide. They are skilled at handling matters like bookkeeping and accounting so that you understand every dime that is accepted and spent. Property management companies often have entire teams at their disposal that specialize in these different details.
Every tenant’s file is kept with clean and accurate information. Clean records allow you to do sound business, which is half the battle.
4. They’ll Provide Marketing and Advertising
It’s not just about how they serve your current tenants – property managers are also skilled at helping you find new ones. They do this through quality marketing and advertising.
Your rental opportunities will always be broadcast on the best sites and channels, and you’ll have a waiting list of prospective tenants, thanks to this marketing service. Here are a few ways that property managers handle advertising:
- Keeping your properties visible through search engine optimization (SEO) strategies
- Penning a blog that consistently brings in traffic
- Providing information and updates across social media outlets
- Posting your availability to rental listing sites
- Creating virtual tours that people can browse on their own time
- Hosting in-person tours
- Putting together brochures and consistently updating the website
Property managers are skilled at bringing you the traffic and attention that you need to keep your rental filled, which is half the battle.
5. Tenants’ Maintenance and Repair Needs Are Handled
You never want to develop the reputation of a negligent landlord. Property managers will assure this because they’ll handle your tenants’ maintenance and repair needs in a timely fashion.
These pros have relationships with handy and repair professionals that will address whatever your tenants need, including:
- Plumbing and electrical maintenance and repair service
- Managing emergency repairs
- Heating Ventilation and Air Conditioning (HVAC) repair and maintenance service
- Monitoring smoke detectors and carbon monoxide monitors
- Repair for any appliances that are in the rental
Property managers use Software as a Service (SaaS) platforms that keep track of all your tenant’s repair requests. This service will keep track of these logs, so that repair pros are dispatched in order of time and priority.
Your tenants will never be left hanging, and they’ll get their money’s worth out of the rent that they pay each month.
6. You Don’t Pay the Property Management Company Out of Pocket
Working with property management pros is also beneficial because you don’t have to directly pay anything. Instead, these professionals are paid by accepting a percentage of all rent they collect on your behalf.
Not only does this keep your overhead costs low, but it lets you know that they’ll work hard to manage the property and collect rent on time. There’s no barrier to entry to working with even the best property management companies as a result. This means that even if you’re a freshman real estate investor, you can get access to the same standard of property management that the moguls use.
7. Property Management Will Find the Best Tenants
It’s not just about finding tenants – property managers will assist you in finding the best tenants possible. They use a formal process for vetting tenants, running through background checks, judging credit, and verifying rental history.
Running each applicant through these steps makes it easier for you to find tenants that are respectful, good neighbors, and that pay their rent on time each month.
Find the Management Pros That Can Help You
Finding the help of a property manager will help you more than you know. The seven points in this article show you just why this is so important, so you can make your next steps your best steps. Search for the best pros, and formalize an agreement so that your rental properties are taken care of.
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