If you are a property owner, you may already know that renting out property can be very financially beneficial. However, it can also be very time consuming to manage a property when renters are involved.
While doing it yourself certainly makes sense if you have the time, you live close to your property and you are very handy, for many people it is just not practical. When doing it yourself doesn’t work for you, a property manager can help.
What Property Managers Can Do For You
1) Set Appropriate Rental Rates: While you may think that simply going through the classifieds to find similar properties and rental rates is the best way to set your prices, a property management company will actually do a market study to find the appropriate rental rate for your property.
2) Collect Monthly Rent: The property manager also acts as your billing department. They collect the rents and deposit them.
3) Advertising Vacancies: A property manager knows just how to market your property to find trustworthy tenants, meaning the properties won’t sit vacant.
4) Finding the Right Tenants: An experienced property manager is an expert at finding dependable tenants. They take care of all the details: verifying employment, doing background checks, etc.
5) Tenant Management: In addition to finding tenants, the property management team maintains a good tenant-landlord relationship. They handle any maintenance issues and resolve conflicts.
6) Work With Vendors: Your property manager will also work with any maintenance vendors or contractors and get you the best price, while overseeing any projects.
7) Comply with Laws and Regulations: There are a number of laws and regulations that you must abide by when you rent and maintain a rental property. A good property manager knows all of them, and will help you by keeping your property up-to-date and in compliance with these regulations.
8) Allows You to Invest Anywhere: When you manage your own properties, you have to be nearby in order to maintain them. With a property manager, you can invest anywhere, and they will take care of the rest.
9) Maximizes your Time: A property manager takes care of all the mundane tasks of running your property, freeing you up to do other things.
10) Maximizes Profitability: A property manager simply charges a percentage of monthly rental rates in return for services. This is usually a bargain!
Do you have questions? We have answers. Contact us for a one-one-one Investment Strategy and Coaching Consultation at no cost.
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