Owning an investment property doesn’t have to be time-consuming or stressful. If you’re tired of creating ads, finding tenants, maintaining the property and everything else that comes along with running a rental estate, consider hiring property management services to do it all for you. Right now, a property management company is ready to take over all the mundane and stressful tasks of running your property. You can get back to living your dream life as the passive income rolls in.
If that sounds too good to be true, keep reading. There are 10 main benefits to hiring a property management company that you should know.
1. Finding Tenants
Say goodbye to writing ads and waiting for potential tenants who never show up for their viewing. A property manager is trained in marketing your property to attract the best tenants (stable income, clean, long-term, etc.). They will create perfect ads and place them in the best spots to attract the tenants you want. They’ll also handle all the viewings for potential tenants, fielding out which leads are serious and which ones aren’t going to show.
2. General Complaints
No one likes dealing with noise complaints or bickering matches between tenants that don’t get along. Luckily, if you hire property management services, you won’t have to. All complaints and issues are dealt with directly by the manager in a professional and reparative way. Your tenants will be happy because their concerns are addressed immediately, and you’ll be happy because you don’t have to be the one addressing them.
3. Rent Collection
A huge part of the property manager’s job is collecting rent each month and ensuring each tenant is paying it on time. The challenge comes when tenants don’t pay or are consistently late in their payments. The management team is highly trained in the legalities of eviction and enforcing them when they need to. Separately, property managers are also trained in determining the optimal rent to charge based on your property, the area, and amenities, etc. You will get the most money possible for your property.
4. General Maintenance
When you hire a property management services, you’re also enlisting their team of contractors and tradespeople who can carry out general maintenance needs (landscaping, plumbing, electrical, handy work, etc.)
Your property will constantly be in tip-top shape because the property manager will ensure every maintenance task gets done without delay.
5. Improve Property Value
In addition to general maintenance, property management services can assess what renovations will increase your property’s value and bring in more money.
They will assess the cost of various property improvements to determine if the return is worth it. Property managers are also responsible for putting systems in place that prevent major emergency renovations from being needed. Some examples are:Routine checks of the building’s infrastructure
- Regular maintenance of the building’s heating system
- Checks for mold and pests
- Checks for working smoke detectors and carbon monoxide detectors
With a property management team, you will save money on future repairs and increase your property’s value now.
6. Employee Management
Property management services include a handful of employees responsible for different aspects of taking care of the property and the tenants.
Not only does that take a load off your shoulders, but you don’t even have to manage those employees because the property manager will.
The manager will take care of employee schedules, training, payroll, concerns, etc.
7. Administrative Duties
This is the really mundane part of operating a rental property: handling all the different forms and administrative tasks that are imperative to your property’s success. Your property manager will be responsible for all these tasks: parking slips, grounds control, safety items, marketing products, computer software, rent receipts, and so much more. These tasks are boring, but they’re crucial to your property’s value and your tenants’ happiness; just sit back, and let your property manager handle everything.
8. Tax Management
When it comes to doing taxes on an income property with multiple tenants and employees, collecting the forms you need can get complicated.
One aspect of property management services is bookkeeping and keeping a record of every rent check received and expense paid. They record, track, organize and store everything you need for your taxes to be done properly. Plus, property managers often know of extra deductions you can claim that you may have never thought of.
9. Legal Knowledge
The Landlord-Tenant Laws go over specific regulations regarding rent, your property, and maintenance. This information is crucial to taking the correct legal steps when necessary to resolve a conflict.
Property managers are trained and knowledgeable in these legalities, so you can ensure each action they take is legal and documented.
This is also helpful for your tenants who want to know their rights. Ideally, they can speak to your property manager to settle any concerns before legal action is needed.
10. You Can Enjoy Your Freedom
The biggest benefit to hiring a property management company is that you can use your time to do whatever you want. These services are perfect for property owners who want to travel or live somewhere far from their investments. You will no longer have to deal with the day-to-day stress of maintaining a property or finding tenants. You don’t even have to deal with the month-to-month duties. Simply hand over the stress and accept the passive income.
Less stress and more time to yourself; what more could you ask for?
Ready to Hire Property Management Services?
There are so many more benefits to hiring a property management company than the 10 listed here. In addition to enjoying more freedom, your property can increase in value and acquire better quality tenants from hiring these services. Your tenants will be happier with someone on-site handling all their concerns and requests.
If you’re ready to learn more and inquire about hiring an exceptional property management company, send us a message on our Contact Page.