property manager

Running a property rental business as a landlord can be a very consuming career. Luckily, there are other professionals who are here to help you be successful while retaining your sanity. A solid property manager can share the load of responsibility, keeping you from becoming overwhelmed with maintaining your investments and keeping your properties occupied. So what all can a property manager do for you?

Applicant Screening/High Quality Tenants

A good property manager will have plenty of experience screening applicants and will review applications thoroughly. They will take time identifying the qualities of a good tenant that will take care of your property and pay on time, or read the warning signs of a tenant that could present costly problems down the line. A consistent screening process will also mitigate the possibility of discriminating lawsuits or scams aimed at owners. This alone can save you thousands in the long term by avoiding any potential situations that result in large fees for an owner.

Reducing Vacancy Periods

A property with no tenant means a loss in potential revenue. A property manager will be efficient in reducing the time between vacancies in a number of ways. By improving and preparing a property for rent, the time it is likely to be vacant will significantly decrease. With knowledge of the local market and access to rent rate tools, a property manager will help you determine the ideal rent rate to ensure it will become occupied quickly while maximizing the potential revenue being generated from the property. An experienced property manager will also effectively market your property and even potentially negotiate cheaper advertising rates due their volume.

Tenant Retention

Having occupants stay is just as important as bringing them in. There are plenty of costs associated with turnover including cleaning, painting, new carpeting, and small repairs. Add this to the costs of marketing and it’s easy to see how losing a tenant can be just as detrimental as not having one at all. A good property manager will have a proven retention policy, keeping tenants happy and more likely to stay for a longer period of time.

Happier Ownership

The list of benefits of hiring a property manager can certainly be increased, but one of the most important factors to look at is the reduction of stress and preservation of personal freedom as an owner. You will be able to enjoy the benefits of ownership and your investments without the headaches from managing it all yourself, freeing up valuable time to travel, focus on other interests, be with family and friends, and have peace of mind.

If you’re considering hiring a property manager, feel free to give us contact us here for any questions!