If you’re a real estate investor or landlord, hiring a property management service might seem like a luxury you can’t afford. However, this is an incorrect way of viewing the situation. It would be more accurate to say you can’t afford to not hire a property management service.
6 Reasons You Need to Hire a Property Manager
A property management company’s purpose is to serve as a liaison between you and the tenants living in your properties. They save you time and frustration that stems from common problems like maintenance and repairs, collecting rent, and enforcing rules.
Every property manager works on a unique fee structure, but many will charge you a percentage of your monthly rent. Others charge a flat fee, such as one month’s worth of rent per property per year. But regardless of whether it’s a percentage or flat rate, working with a property management service is a good idea. Here are some of the reasons why:
1. They Can Do It All
One of the more time-consuming aspects of being a landlord is the demand to constantly switch back and forth between different tasks. One minute you’re screening tenants, and the next you’re having to talk with a plumber about unclogging the main sewer line at one of your properties. It’s like playing pinball with your time.
A good property management company saves the day by doing everything for you. Rather than having a dozen different professionals on speed dial, you have one person taking care of it all.
Green Residential, a property management company in Katy, Texas, is a great example. Their full-service property management package includes property management, property leasing, tenant screening, maintenance, inspection, and even eviction services.
Find a similar service in your own market. It’ll save you hours of time every week.
2. They Reduce Emotions
One of the toughest parts of being a landlord is the fact that you have to deal with sob stories on a frequent basis. (Sometimes they’re honest, while other times they’re bogus excuses.) The beauty of working with a property management service is that you don’t have to interact with tenants. The company does it for you, which eliminates wasted energy and allows you to be more diplomatic and objective in your approach.
3. They Prevent Late-Night Phone Calls
Every landlord’s greatest fear is the midnight phone call where a tenant needs you to come over and unclog a toilet. With a property manager, you don’t have to field these calls. Everything is filtered through the company. They answer the phone, schedule the plumber, and deal with the tenant.
4. They Lower Your Risk
There are plenty of risks associated with being a landlord. From fair housing regulations to state requirements, it’s easy to misunderstand something and end up in a precarious situation.
A good property management company can help you avoid costly lawsuits by keeping your property up-to-date and in line with all compliance requirements.
5. They Help You Find Better Tenants
Half the battle of being a landlord is finding the right tenants to occupy your properties. A good tenant will (a) take care of your property, and (b) pay you on time. But where do you find them?
Professional property management companies are skilled at finding and qualifying tenants through meticulous screening, background checks, and verification. This saves you time and greatly reduces your risk of having to evict a tenant down the road.
6. They Free Up Time
When it’s all said and done, a good property management company gives you more time to enjoy doing the things that you love. Whether it’s spending time with your family, exercising, or participating in a hobby, automating your real estate business gives you better work-life balance and greater satisfaction.
Hire a Property Management Service Today
Hiring a property manager will cost you money, but it’ll save you time and frustration. Ultimately, you’re paying for greater productivity and opportunity. Any time you save managing your existing properties is time you can use to invest in other assets that increase cash flow. It’s all about making the best use of what you have – and a property management service is one important piece in this equation.