Benefits of Having a Quality Property Manager
Many new homeowners do not realize how much work goes into maintaining your property after buying a house. You may have realized that you are in over your head and are looking for help after deciding to rent out your house. This is a common problem, which is why property managers exist. Having a high-quality property manager can take off some of the weight from your shoulders so you can be free to travel, work, or spend more time with your family without constantly worrying about the house. In this article, we will discuss some of the benefits of having a great property manager as well as some of their common duties and how to find one. Keep reading to find out!
What Is A Property Manager?
If you are new to the renting world, you probably do not know what a property manager is. A property manager is someone who takes maintenance responsibility from the homeowner in order to create better business practices and streamline property maintenance. Property managers typically have experienced backgrounds in real estate or business. There are companies who offer property management as well as individuals who are available to be contracted out. Both are great options depending on what level of involvement you are looking for.
How Do You Find A Qualified Property Manager?
It is extremely important to do your research when looking for a property manager. We suggest heavily vetting your prospective property manager before hiring. As the homeowner, you are looking for someone trustworthy, business savvy, and responsible so that you do not have to lose sleep at night over your property. An ideal candidate would hold a business degree, have a background in real estate, or have previous management experience. Make sure to check all references to see if the property manager will be a good fit for your needs. If you have multiple properties, it may be best to look into a larger property management firm as opposed to an individual. Once you have a property manager in mind, take a look at some of their properties to see if the condition is up to your standards.
Now that we have a good idea of what a property manager is and how to find one, let us look at some of the benefits as a homeowner of having a high-quality property manager:
Maintenance
One of the most bothersome parts of being a homeowner is making sure the yard and landscaping are in excellent condition. A property manager will make sure that the yard and landscaping are kept immaculate both for the tenants and the owner. The property manager will likely have connections with landscaping companies and will manage the communications so the owner does not have to worry.
Maintenance care is also making sure that the home is damage free and should any damage occur, it is taken care of swiftly. One of the most stressful things for a homeowner renting out their property is potential lawsuits. Should an AC unit be out for an extended time, the property can be deemed uninhabitable. A property manager will be the bridge between the tenant and homeowner in these cases to make sure every party’s needs are being met in a timely manner.
Rent Collection
Rent collection can be a source of contention between tenant and homeowner, so it makes business run smoother when there is a third party involved, such as a property manager. The property manager will assure that rent is collected when due and then gives the homeowner the rent.
If you chose to go with a property management company, they may already have resources set up so that tenants can use a payment portal. This is a much more streamlined version of rent collection and can make paying rent much easier for tenants. Additionally, having an experienced property manager who knows how to handle tenants who are either behind on rent or past due can make the tenant/homeowner relationship much more civil.
Better Quality Tenants
If you are a homeowner renting out your properties, you may not have the time to sit down and interview each potential new tenant or manage rental listings. Luckily, a property manager will do all of that! Property managers can vet potential new tenants through your particular specifications. That way, you will not get a tenant who smokes, has an excess of pets or has a poor rental history.
Managing your own rental listings can be very time-consuming. With the state of the housing market, more people than ever are looking to rent as opposed to buying. Due to this influx of renters, you could be receiving hundreds of inquiries a day. At that point, answering all prospective tenant questions becomes a full-time job. A property manager will be able to easily answer questions and set up viewing times so you do not have to use your personal time.
Shorter Vacancies
After a great tenant moves out, you may not already have a new tenant lined up for move-in. Without a property manager, your property could be sitting vacant for months, which is a highly undesirable situation to be in. A property manager can make sure that your property is never sitting vacant by scheduling viewings and listing the property before the current lease term is up.
By having shorter time periods of vacancies, everyone is benefitting. New tenants are able to move in efficiently and the homeowner does not have to worry about quickly filling the vacancy. The short vacancy can also be taken advantage of by conducting repairs and inspections so that tenants do not feel like their space is being encroached upon.
Increase Property Value
An experienced property manager will likely have a background in real estate. Because of this, they have a good understanding of what your property needs to be up to date. Whether you are looking to make your property trendy, classic, or luxurious, a quality property manager will know what your property needs to meet expectations.
As the homeowner, you do not want your property to lose value just because it is a rental property. By making sure appliances, interior design, and landscaping are not only up to date, but exceptional, you can actually increase your property value when the time comes to sell. Be sure to discuss these matters with your property manager if your long-term goal is to sell.
Point Of Contact
Relationships between the homeowner and tenant can be tricky to navigate. For many reasons, such as legal reasons, it is a good idea to have a third party involved in communications between tenant and homeowner. Additionally, the homeowner may want to be as hands-off with the property as possible to truly have a source of passive income. If that is the case, it is vital to have a property manager. The property manager will serve as a bridge between the homeowner and the tenant.
Having a property manager handle all communications, repair, maintenance, and rent collection takes the stress and weight off of the homeowner and allows them to focus their attention elsewhere.
Freedom For The Homeowner
Renting out your properties is a fantastic source of passive income, but only if you are not making it a full-time job. A property manager will ensure all the tenant's and property’s needs are being met without the homeowner’s intervention. A high-quality property manager will make the homeowner feel at ease and allow them to spend more time with their family, travel, or focus on their career.
Not much else puts a homeowner’s mind to rest as well as a high-quality property manager.
In conclusion, the benefits of having a property manager are clear and a no-brainer. In this blog post, we broke down the importance of a property manager to a homeowner. The homeowner will have significantly less stress and have the ability to spend their time elsewhere. If you are a homeowner looking to rent out their property, did this article help you decide to get a property manager? Let us know what you think in the comments!
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