Once you have invested in a rental property, the responsibility of maintaining and running the property can become overwhelming. Here are the top 15 reasons to hire a residential property manager.
- Property Managers have a network of professionals. This includes clout with subcontractors like painters, plumbers and other repair people
- In-depth experience managing rental properties
- Thorough knowledge of current landlord/tenant laws
- Understanding of current rental market conditions
- Established policies and procedures for managing tenant relations
- Leases, applications and other documents that meet legal standards
- Licensed real estate professionals
- Specialized service. Property management is their full-time business
- Setting the right rental rates
- Collecting and depositing monthly rent payments on time
- Marketing and advertising your property
- Finding the right tenants: Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
- Managing tenants: In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
- Ensuring that you’re in compliance with housing regulations and property laws: There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
- Maximizing the profitability of your time: By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career
