Investment property owners face many challenges when managing their rental properties, including the stress of constant phone calls, problematic tenants, and costly repairs.
As a landlord, can you relate?
There is an ideal solution to this problem, though. The answer is to hire an investment property manager.
Hiring a property management firm makes your life easier, as it reduces your responsibilities, and it also provides a way to protect your investment.
If you’re curious about how this works, continue reading this guide to learn about seven reasons hiring a property manager can help you and your rental property business.
1. You’ll Have Fewer Duties and Responsibilities
One of the leading reasons that investment property owners turn to property management services is to help manage the duties, obligations, and responsibilities required with owning rental properties.
The problem with rental properties is that you never know when your tenants will call with issues. Issues can pop up out of nowhere and can be time-consuming to fix.
You may also have to spend a lot of time preparing units, showing them, and choosing tenants. Additionally, you may encounter problems with tenants, such as failure to pay rent.
Investment property owners can highly benefit from hiring a company to take over all these duties. When you have someone managing your properties, you’ll instantly have less stress and more time to do other things.
2. An Investment Property Manager Finds the Best Tenants
Another challenge that investment property owners face is selecting the right tenants. If you have no experience with tenant screening, you might not be handling this task effectively.
As a result, you might end up with more bad tenants than good ones.
Bad tenants tend to break the rules of the lease more often. They also tend to default on their rental payments more often, and they may even vacate their units long before their leases expire.
The goal of increasing profitability with your business is to focus on finding the best tenants.
Fortunately, when you hire an investment management firm, they do this for you. They use many techniques to screen each applicant, and they find the most reliable tenants for every available unit.
3. They Know the Law
Many landlords turn to investment management firms for legal reasons. Understanding landlord-tenant law is crucial as a rental property owner. If you don’t know the law in your state, you might inadvertently break it.
Breaking landlord-tenant laws can result in lawsuits and many other problems.
One perk of hiring an investment manager is that they will know every landlord-tenant law on the books, including newer laws relating to discrimination.
4. Property Managers Offer Effective Maintenance Services
Hiring a property manager also helps with maintenance duties. One thing many rental property owners slack on is maintenance.
They may not have good schedules to follow to know what to do, or they might wait to maintain their units until they have time to complete the tasks.
If they never get time, they may never complete most of the necessary maintenance duties the units need.
Routine maintenance protects your buildings and investment. When you keep up on these tasks, your units look nicer. Routine maintenance improves the condition of the units, and it helps your properties increase in value.
Having well-kept units attracts higher-quality tenants, too, so you’ll benefit in many ways when you focus on effective maintenance of your rental properties.
5. You Can Increase Your Revenues
One misconception some landlords have is that hiring a property management firm will cut into the profits too much.
While these services are not free, you might be surprised to learn that you might see an increase in revenues and profits when you pay a company to manage the units.
Here are some of the reasons this happens:
- Your occupancy rate increases which brings in more cash per month
- You collect a higher percentage of the rental income your tenants owe
- Your units increase in value from the practical maintenance tasks
- You can increase the rental prices more frequently
- Your tenants may stay longer because the management cares for them and the units in effective ways
After just a few months of new management, you might see a significant increase in your business’s revenues and profits.
6. Your Tenants Will Be Happy
Having happy tenants might not seem like a huge deal to you, but happy tenants are one of the primary keys to success in your business.
Happy tenants tend to:
- Pay their rent on time
- Extend their leases and stay longer
- Create fewer problems
- Follow the rules of the lease
- Care for their units
- Give plenty of notice before moving out
- Recommend your units to their friends
Can you see why having happy tenants matters?
The reason your tenants will be happier is that they will feel confident with their rental units. The units will be well-cared for, and the management will address their problems quickly.
The management will also listen to them, which makes them feel valued.
7. You Won’t Have to Address Problems
The final reason to hire a property manager is so that you no longer have to address the problems you encounter with your properties and tenants.
Dealing with problems tends to be a significant part of owning investment properties. When you no longer have to handle the issues related to your apartments, you instantly have less stress and more time on your hands.
Contact Us to Learn More
You can continue managing your own properties and deal with the headaches, stress, time constraints, and effort, or you can hire an investment property manager.
Hiring a property manager is a smart and wise decision that you won’t regret.
If you have properties in the Rochester, NY area, contact us today to learn more about the services we provide and the benefits our services offer.