10 Reasons YOU Should Hire A Property Management Company

Helana Renfroe — Thu, 02 Aug 2018 19:07:59 +0000

10 Reasons YOU Should Hire Red Door Investments

You may think because you’re in the industry you don’t need help taking care of your rental investments. Think again.

Many landlords believe that owning rental property is a walk in the park. You get to sit back and collect rent – automatically on the 1^st of the month of course – while your tenants take impeccable care of your property and treat it as it was their own. As a landlord, you retire and move to an island and NEVER have to worry about your property again.

Reality, two or three months into it all, hits you right in the face. Tenants refusing to pay, the early morning phone calls complaining of a running toilet and of course the very daunting task of trying to keep the occupancy rate higher than the vacancy rate.

Before long, the dream has become a nightmare and you are asking yourself, “How can I get out of this?”

Fortunately, though, there’s a solution: A property manager.

A management company is a great way to make life much easier for a landlord. For many time crunched professionals, this is what makes owning a rental a possibility in the first place. If you’re a landlord or are considering investing in rental property, here are ten reasons that you need a property manager.

No More Wakeup Calls

There’s a problem at your property, and as a landlord, it’s your job to fix it. With a property manager, you’ll be able to say goodbye to the late-night emergencies, or non-emergencies. When a problem arises, the property manager gets the call and responds accordingly.

Tenant Sourcing and Screening

Property managers have access to resources that enable them to find a new tenant, helping to keep the vacancy rates low. Not only that, but they’re also able to thoroughly screen tenants. They know what to look for and what questions to ask all prospective tenants.

Maintenance and Repair Help

When you hire a property manager, you no longer have to be the on-call maintenance person/gardener/pool boy/or guidance counselor any longer. Your property manager will perform routine maintenance for you, preventing small issues from becoming large issues and getting out of control. When repairs are needed, the property manager will show up on-site at the first sign of trouble. Since they deal with repairs all the time, they will also have a database full of vendors and contractors who do reputable work at fair prices.

Avoid Messy Legal Problems

Keeping up with landlord-tenant law can be tedious and quite costly if you’re not up to speed. New regulations are constantly coming into effect and staying out of trouble depends upon your compliance with these laws. A professional property manager should be experienced with landlord-tenant law and able to navigate the various complexities to make sure you stay on the right side

Get the Income Balance Right on Your Properties

An experienced property manager who knows the market is familiar with that sweet spot: the amount of money that you can realistically charge without risking longer vacancy rates.

Keep an Eye on Your Property Without Having to Watch It

Whether you’re a long-distance landlord or just down the block, keeping a close watch on your property is important. Having a property manager means that your property will be checked on routinely. This is especially important during vacancies, as empty properties are prime targets for vandals. A property manager will be able to keep the property well-maintained, giving it a lived-in occupied appearance.

Stop Being the Bad Guy

As a landlord, it’s your job to enforce the terms of the lease. Unfortunately, though this is easier said than done. When a tenant brings in one too many dogs or there’s an issue smoking indoors, things can get ugly. With a property manager, you don’t have to show up and try to reason with the tenants who’s arguing the merits of turning backyard trees into firewood. Instead, let your property manager handle it.

Never Hear, “I Mailed the Check Already” Again

The check is ALWAYS in the mail! As a property owner, you depend on the rent arriving each month on time. When this doesn’t happen, there’s often a tremendous amount of time and effort involved with tracking down the rent. Letting late rent slide can create a situation where the tenant is able to live in your property rent-free, for as long as it takes to evict them (typically 6 – 8 weeks). A property manager will be your no-nonsense rent collector and will take immediate action if the rent is late. They’ll document all steps taken and remain in compliance with the law.

Evictions

Evictions are the bane of every landlord, and understandably so. There’s a tremendous amount of rep tape surrounding the lawful eviction process, and no, changing the locks or turning off the utilities while the tenants out just isn’t an option. A property manager is on top of the law and able to handle evictions for you – quickly, efficiently, and in compliance with state code and regulations

Have the Freedom to Invest in Better Housing Markets

Finally, property managers make life easier – so much easier, in fact that you may be tempted to get yourself a few more rental properties. With a property manager, you’ll even be able to invest in properties that are out of town; since you won’t be managing them yourself, it won’t matter so much where they are located. This allows you to take advantage of more affordable or growing housing markets.

Owning rental property can be a great investment. But, as you can see, having a property manager can make your life so much easier. If you own rentals, but are feeling overwhelmed, do yourself a favor and call us. Let’s us help take some of your stress. You won’t regret it!

The post 10 Reasons YOU Should Hire A Property Management Company appeared first on Red Door Investment Grp, LLC.

Helana Renfroe, Author at Red Door Investment Grp, LLC

10 Reasons YOU Should Hire A Property Management Company