10 Reasons to Hire a Professional Property Manager

As a residential property investor, if you’ve never worked with a property management company before, it may surprise you how much a property management company can do for you and how affordable it is. The following 10 reasons to hire a professional property manager may have you ready to call 512-Society when you’ve finished reading!

  1. A Property Management Company Helps Set Competitive Rental Rates.

While looking through the classifieds to see what other landlords are charging for similar properties in the area is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate. Additionally, you’ll want to be competitive and avoid the dangers of “pricing yourself out of the market.”

  1. A Property Management Company Can Ensure You Receive Payments on Time, Consistently.

If you’ve ever worked in a billing department, you know that securing payment from clients can sometimes be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You’ll find this particularly important if you have a limited number of properties, where collecting payments on time is crucial to maintaining your cash flow.

  1. Knowing Where and How to Market Your Property for the Most Exposure.

Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials—a significant advantage when it comes to filling your properties quickly and avoiding long vacancies. Plus, you’ll have the benefit of their own websites and social media profiles to ensure your property will be seen by a much broader audience beyond basic classifieds, MLS, and sign in the yard.

  1. Property Management Companies Can Help Find the Right – and Quality – 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.

  1. Property Management Companies Can Manage Tenants, So You Don’t Have To.

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.

  1. Property Managers Handle All Vendor Relationships.

Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that makes it almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they’ll oversee any necessary maintenance projects and ensure the vendor is licensed, insured, and bonded.

  1. Property Managers Can Ensure You Remain in Compliance with All Applicable 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.

  1. Property Management Companies Enable Freedom to Invest in Geographically Distant Properties.

If you manage your own properties, you’re pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.

  1. Property Management Companies Can Maximize the Profitability of Your Time.

By having a property manager take care of the day-to-day aspects of running your income property, you’re free to spend your time identifying further investment opportunities or otherwise furthering your career.

  1. Best of All, Property Managers Help Maximize the Profitability of Your Money.

Most property managers charge a percentage of your property’s monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.