So you have purchased a rental property. Congratulations! Or maybe you own multiple rental properties that you’ve been self-managing for an extended period of time. And you’ve been tossing around the idea of hiring a professional property manager. Not all rental properties require property managers. If you are beginning to feel stressed, overwhelmed, or even a little confused about how to handle a situation, it may be time to start talking with an expert in the business.
According to Businesswire, 51% of investment property owners work with a property manager and another 24% are actively searching for a professional property manager. The rental market is booming across the United States and more investors are utilizing property managers than at any time in the past. But, what exactly does a property manager do? Property managers handle much more than just collecting rent for you each month. Here are some of the top responsibilities that a professional property manager will take care of for you.
Marketing Your Rental
Property managers are experts at marketing investment properties. They are trained professionals in real estate. It is their priority to get a rental property tenanted quickly. Not only will they take professional photos of your property for marketing, but they also have access to many tools that non-real estate professionals do not have access to. If you are on your own, it can be a huge headache to try and market your property. Platforms such as Facebook and Instagram make it easier in some ways, but you can’t always guarantee that the responses are legitimate.
Finding Quality Tenants
Pivoting off of the last statement of receiving legitimate responses to a rental listing, property managers are responsible to thoroughly screen applicants. Finding quality tenants can feel like an uphill battle. You don’t have to make that climb alone when you have a property manager on your team. Property managers handle background checks, credit checks, references, income verification, pet verification, drafting the lease, and more. All of this will be included in your property management agreement and can take a huge weight off of your shoulders.
You may have noticed that some of the everyday tasks of managing your rental can add up quickly. Property managers assist with shortening your to-do list. In fact, property managers actually make your to-do list virtually nonexistent! Your property manager will handle things such as collecting rents, handling tenant requests, scheduling routine maintenance, bookkeeping, and accounting! Your property manager will essentially turn your stresses into successes!
If you are a lucky investor, your property won’t need any major repairs any time soon! You can bet on the inevitable, however, that your tenants will make a call to the maintenance team at some point. Since you have been self-managing, it is almost certain that you have received a late-night call or text from a tenant with an emergent situation. You will never appreciate your property manager more, than when you don’t have to jump out of bed and respond right away. Property managers have a list of fully vetted and insured contractors that they can call on-demand to handle any maintenance issues. In some property management agreements, you are required to keep a reserve on file so that maintenance issues can be addressed quickly and efficiently without reaching you for pre-approval.
Evictions and Legalities
Last, but certainly not least, your property manager will bear the responsibility for any legal issues that could arise. There are many laws that are specific to protecting the tenant and landlord. Your property manager is required to stay on top of any changes and updates to these laws. If your tenant wants to break a lease early, or an eviction situation has come up, your property manager will know just how to handle this. If you are self-managing, you may be unsure how to proceed and have to constantly consult an attorney. Your property manager thankfully has systems in place to avoid additional legal expenses.
There are many reasons why you may be considering hiring a property manager. Maybe you are a new investor. Maybe you have another job. Maybe you are having issues finding and retaining quality tenants. Whatever the case may be, you can guarantee that a professional property manager will be on your team and work hard to ensure your rental remains profitable. If you would like more information on our property management services and receive a free rental estimate, visit us at www.rentwisepm. RentWise can handle all the details of managing your property. We provide COMPLETE property management in Boise, Star, Meridian, Nampa, Caldwell, Eagle, Kuna, and Middleton.