With competition cooling in the housing market and buyers wary to give the green light to purchase, it’s not a seller’s market right now. Economic uncertainty is the likely culprit and is predicted to continue through the 2020 election.
Meanwhile, the single-family rental continues to be the growth darling of the housing industry. Even home builders are getting in on the landlord action thanks to the huge demand. So if you have a single-family rental, you’re in a great position.
But being a landlord is an enormous, time-consuming responsibility. It also comes with a learning curve. Some like the challenge. Others prefer to hire an experienced rental property management company.
But why exactly should I use a management company for my property, you ask?
To help, we’ve put together the key benefits of hiring an experienced property management firm. Keep reading to learn why contracting out the management of your single-family rental investment to the experts is your best option. Then start looking for the ideal manager near you.
Experience and Knowledge
One of the main benefits of going with a property manager, especially if it’s your first investment property, is that a property manager already knows what to look for and what to do.
Managers can also educate you on the basics of being a landlord and give you in-depth knowledge about property ownership if you’re interested.
Your management firm can make sure you are compliant with local and national requirements.
Your manager will know building codes, local laws and regulations, the local real estate market, market forecasts, how much you can rent your property for, how to find the ideal tenant, how to manage your tenant, what to do when problems arise, your rights, your renter’s rights, how to find the best vendors/professionals to maintain your property and fix problems as they arise, and so much more.
Convenience and Time
A property manager allows you to be completely hands-off in dealing with your property if you like, or you can be very involved. It’s your call.
This can be a huge time-saver when maintenance issues arise, like plumbing, air, and heating. If you want to go on vacation, you don’t have to worry about dealing with an upset tenant or leaky faucet.
Also, you are free to pursue other income avenues, like a job, other entrepreneurial ventures, or the purchase of additional income properties.
Another big convenience is that a manager can also organize your important documents and information so you don’t have to.
Proximity
If you don’t live near your property, it can be difficult to manage if an issue arises and you can’t just pop over. For example, if there’s a plumbing issue, your manager can let the plumber in.
This is also a perk when you’re in the process of finding a renter. Your manager can be at the property for open houses, make sure the place looks great to show, meet and screen potential renters, get a personal sense of them, be there for the signing of the lease, and do a walk-through, to name a few.
Getting Your Property Up to Par and Keeping It There
Your property manager will know what is expected in the market and at the rental price, you’re asking as far as property condition goes. She or he can help determine what improvements need to be made and make sure they get done.
Your manager can bring in the necessary professionals, like plumbers, painters, landscapers, flooring specialists. HVAC professionals, and more.
Once your property is where you want it quality-wise, your manager will help you maintain it.
Getting Your Ideal Tenant In
A property manager knows how to get your ideal tenant in and can do the hard work for you. They can list your property and write the ads to attract responsible and reliable tenants that can afford to comfortably live there. Your manager can show your property, take applications, and screen applicants.
Your property manager can pick the best tenant, working with you if you want. She or he can make sure the lease is in order and compliant with local and national laws and regulations and that you’re covered legally. Your manager can do the walk-through with your new tenant, explain the “rules” and expectations of tenancy, and hand over the key.
Tenant Management
Once you get your ideal tenant in, your manager can deal with your tenant so you don’t have to. They can collect the rent and pay you. Your manager can deal with late fees and any difficulty your tenant gives you.
Your manager also knows how to keep your fabulous tenant happy and in your house. And if your tenant turns out to be a problem, your manager will know how to deal with the issue and any disputes.
Troubleshooting
If any issues arise with your property, you have someone to handle them.
You also have someone to call who’s on your team if you want to get involved or troubleshoot together. You can ask questions and get informed on how to handle a situation. You can also let your manager handle it for you, but you’ll always be informed on what’s going on.
The Best Bottom Line
Your manager can help make sure you’re maximizing your profit on your income property. They can make sure that you don’t miss out on great tenants because the rent is too high. A vacancy is a fast way to lose money.
Your manager can help you avoid costly disputes because she or he knows the laws and local regulations. And if you end up in a dispute or legal battle, your manager can help you find the best attorney.
Your manager can make sure you get the best professionals to maintain your property. She or he will have vetted vendors to choose from, like plumbers or painters, for example.
Managers tend to have a good relationship with the vendors and other professionals, encouraging them to do a good job for the right price.
The Ideal Property Manager for Your Single-Family Rental
Now that you know some of our favorite reasons to hire a professional to manage your single-family rental property, you’re ready to find a reliable property manager for yourself.
To start, feel free to give us a call. We’re happy to answer all of your questions and take a look at your property. We’ll look at how we can help you get your property ready, find the best tenants, and manage your new income stream.
Further Reading from Bergan & Company