While rental property investment might look like a rewarding and positive venture, managing both tenants and properties can be overwhelming. As such, you may need to hire a professional property manager to make your life easier. This is an especially good idea for rental property owners who have no experience or don’t want to spend their time managing a rental property on their own. With a property manager, you’ll be able to ask real estate questions if you run into any trouble with your property. Here are some reasons why you should hire a residential property manager to manage your residential property properly.
Set the right price– You can look online to see what the other landlords are charging for the same kind of property to get an idea of the rent you should charge, but a good property manager will do a complete analysis of the market to choose a rental sweet spot. You’ll have the right balance between increasing your monthly income and preserving low rents.
Search for the right tenants – An experienced property manager can help you find the right tenants. The property manager also takes care of all the details related to your property, like sorting through legal issues, evaluating credit reports, verifying employment, performing security checks, and checking references. You’ll wind up with the best fit between property and tenant.
Collect and deposit the rent payments – If you have any experience in billing, you know that collecting payments from customers is not an easy task. Property managers have efficient systems to collect monthly rent from tenants in a timely manner. This is important when you’ve reached the threshold of properties that makes collecting rent too time-consuming.
Proper marketing of your property – An experienced property manager knows exactly where and how to advertise and market your property. He also knows how to time advertisements so your property can be rented quickly, thus avoiding long-term vacancies.
Maximize profits – Hiring a property manager will help you maximize profits on your rental property. A property manager usually receives a percentage of your property’s monthly rent in return for their services. This rate ranges between 6% and 10%, which is usually less than what you’d pay to hire a team of professionals to handle the things the property manager will handle/streamline.
Landlord/Tenant Relations – In addition to finding good tenants, a property manager will stay on top of things to maintain a good relationship between the tenants and the landlord. The property manager takes care of routine inspections and deals with every situation that comes up.
By hiring a good residential property manager, you’ll successfully reduce the risks involved in the real estate game. This makes the things much simpler and more enjoyable for you.
A guest post by Gabriel Knight, Mortgage Fit, Chicago, IL
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Why should you hire WPM Management:
You and your clients own property for one reason – as a financial investment.
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A Westside Property Manager can:
Offer proven expertise:
Experience is one of the defining qualities of a our property managers. All of our managers have many years of experience in the property management industry. Our managers must display proficiency in the core areas of real estate management and show professionalism and reliability beyond others in our industry.
Troubleshoot problems efficiently:
At Westside Property Management we have the ability to resolve complex issues and unforeseen obstacles quickly and efficiently. If a tenant crisis or a series of operational setbacks should suddenly arise, you can rely on us to provide immediate solutions.
Oversee all aspects if operations:
When you hire Westside Property Management, you hire a versatile specialist. Our property managers are trained to handle the full range of real estate management tasks, with skills covering the financial, legal, social, economic, and physical areas essential to property performance. At Westside we manage mixed portfolios, including all types of office, retail, and we specializing in multifamily and single-family properties.
Compete successfully in your market:
Whether your real estate investment are in one city or across the world, Westside Property Management knows hot to position your properties in the local markets. For insight on all real estate markets Westside Property Management taps into a network of over 8,800 management professionals worldwide.
Help you maximize returns:
Hiring our company means that you have someone who can do more than building maintenance. WPM professionals are trained to streamline operations and take your ROI to new levels.
Communicate with ease:
Our Managers are seasoned professionals with solid communications skilled. From one-on-one interaction with residents or tenants to boardroom meetings regarding P&L statements, Westside Managers can interact skillfully with a wide array of audiences.
Protect your investment:
Westside Property Managers abide by the most stringent code of ethics in the industry – or risk losing license and designations. Real Estate laws are strictly enforced and require the utmost care in managing your properties. You can trust WPM to manage your investment with unquestionable integrity.
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If you have purchased an investment property and are planning to rent it for commercial or residential purposes, you might want to consider a property manager. If you are a first time investor, you may not realize how time consuming effectively managing that property can be- you may become overwhelmed in no time at all. Even if you are a veteran investor, you may think you have enough experience to forgo the expense and manage things on your own, only to find out you?re completely in over your head. Both of these scenarios are fairly common, and a property manager can help you with operations of your property.
Property Requires Commitment
Think about the long-term commitment required of your property- management doesn?t stop with collecting rent. In fact, that alone can prove a headache you do not have the patience to deal with. A property manager can help you deal with the routine management and maintenance issues that will surface quite frequently, especially depending on the size and number of your investment property(s). Other aspects of the job that a property manager can help you with are the back end of operations- book-keeping, documentation, filing, forms, and portfolio management.
The Value of Your Time
If it?s true that time is money, a property manager can be invaluable. Most likely, you know better than anyone just how true this statement is. The majority of investors has more than one investment opportunities going at the same time, or are employing at a 9-5 job during the day. How in the world will you be able to be in two places at once? If this is the case, having a dedicated property manager that will free up your time to pursue your money making opportunities is not only a benefit, but a necessity!
Location of Your Property
You should also consider the geographic location of your investment property compared to where you spend most of your time- a property manager may be more accessible than your schedule or location allows. Even if you live in the same city, your property may be on the complete opposite side of town than your office or home, requiring a minimum of a 1-2 hour commute round trip. On the other hand, you may have invested in a property in another city or state. In both of these situations, it?s practically impossible to effectively manage the property(s) in a long-distance capacity. A property manager can be available to the tenant(s) 24/7, and will have quicker access to resources for emergency maintenance situations.
Contact us today for a free management proposal – Click here