Do you own an apartment or other type of multi-unit housing development? If so, you know that there are a lot of responsibilities to balance when you’re leasing to tenants. And when you’re hoping to stay on top of anything from payments to maintenance, you may be better off hiring a property manager to handle the daily tasks.
If property ownership has become too much for you to juggle, read on to learn 13 reasons why hiring a property manager can make your life easier!
You’ll Get the Best Tenants
Why should you hire a property manager? With a qualified property manager, you’ll be able to secure responsible tenants for your property — and avoid ones who cause problems or won’t keep up with rent. Property management companies for example Canninghill Square Capitaland, know the drill when it comes to screening candidates and going through paperwork, so you’ll be able to sleep well knowing you’re getting good renters.
A property manager can check credit scores and run background checks. By using a structured application process, you’ll know that you’re allowing individuals with the means to pay monthly rent into your building. A manager can interview candidates, provide tours, and talk up the positive attributes of your building so you attract the right people.
Your Renters Will Have a Point of Contact
If you own multiple properties, being physically present at all of them simultaneously is impossible. That’s why it can be helpful to have a property manager working normal business hours at each property. You’ll ensure that your tenants have a point of contact for any questions, complaints, or other issues.Â
Having a face for your property may make a prospective tenant more eager to rent from you, too. They’ll appreciate knowing that professional management is accessible for anything that comes up throughout the day. And they’ll appreciate that a manager will help keep the property clean, safe, and secure.
A Property Manager Can Set Fair Rental Prices
How much rent should you charge? This is one of the questions that can chew up valuable time and make you anxious if you’re a property owner.
You don’t want to go too low with a monthly fee and shortchange your income. But you also don’t want to ask unreasonably high prices that will deter good renters from coming your way. You need to strike a middle ground. So before taking any decision, you can check house and land packages in Queensland, Australia if you are looking for a house in the respective area.
With a property manager, you’ll have someone with knowledge of the area and surrounding competition who can strategize with you to settle on a fair rent price. A property manager can consider factors like cost of living when determining rent prices to keep your prices competitive with those of other properties in the area. They can also suggest fair increases with each year, plus reasonable fees for things like pets or parking.
You Won’t Have to Handle Maintenance Issues
As a property owner, the need for regular property maintenance is crucial. If your tenants have maintenance issues that go unattended, they may be more inclined to move out. That’s why you’ll want someone managing the property who can keep tabs on maintenance — and hire people to take care of issues right away.
Whether it’s fixing the HVAC system, dealing with plumbing issues, installing new appliances, or replacing stubborn windows, you’re bound to have problems that need immediate attention. The last thing you want to do is quickly hire someone without experience or good referrals because you’re strapped for time and desperate.
Your property manager can determine the best experts to tackle the problems. Even better, a good manager will develop a strong partnership with plumbers and repair people. That way you’ll know who to call when there’s an issue during the weekend or late at night.
You’ll Have Someone Who’s Aware of Laws and Regulations
Owning a property means that you must be attentive to local laws and regulations. You’ll need to make certain that your building is up to code with repairs, and also accessible to those with special needs who may require ramps or other accommodations. Since the rules and laws can add up and it’s easy to overlook them, having a manager can save you from costly violations.
When you need property management handled professionally, these property managers can take care of it for you. A good property manager will be aware of all regulations and submit proper documentation to the relevant people.
Then you can focus on other matters, like finding new investment properties or developing other sources of income. You won’t have to worry about facing a citation or other blemish to your record.
You’ll See Less Lag Time Between Leasing Contracts
If a tenant chooses not to renew once a lease contract is up, it’s to your benefit to fill the apartment immediately. But keeping track of leasing contracts and being proactive about finding new tenants is a lot to balance in addition to other responsibilities. A property manager can do all of this for you.
You’ll keep your income at a more consistent level if you avoid having long stretches without occupancy in multiple units. And living in a full apartment complex communicates a level of desirability to other prospective renters. You may even become popular enough that a waitlist becomes necessary!
By turning to reputable property management companies, you’ll also avoid costly problems like apartment upkeep. When a unit remains empty for long stretches of time, the potential for problems, or even vandalism, goes up. With a property manager in control, you’ll save on the energy and time investment that goes into trying to fill the vacancy.
Good Property Management Includes Effective Marketing
Knowing how to market a property — and doing it regularly — is critical to your success as a property owner. After all, if no one knows that your property exists or what it has to offer, it will be hard to find good tenants. That’s why you need an effective and creative marketing campaign to attract the right people to your building.
A property manager can take care of organizing brochures, maintaining a current and engaging social media presence, and reaching out to the right demographic for your property. You’ll take comfort in knowing that you’re targeting future tenants who will be more likely to meet your leasing requirements and be interested in living in the area. And with a polished logo and communication efforts, you’ll impress your tenants.
You’ll Have Someone Who Can Collect Rent
Collecting rent each month comes with the territory when you lease space to tenants. But the task can take time — and take time away from more forward-thinking endeavors like buying new properties. When you have a large property with lots of individual units, that translates to a lot of individual payments you’ll need to track.
When you’re overseeing a multi-unit property, you need to determine the best method for accepting rent payments, processing checks, or verifying check deposits. You want to ensure that everyone is paying what is required.
And you’ll need to follow up with delinquent tenants. All of these small tasks add up, so if you can hand the responsibility off to someone else, you’ll be better off.
A Property Manager Can Deal with Bad Tenants
Even if you’ve gone to great lengths to find good and responsible tenants, sometimes a few bad apples will end up in your apartment. Or you might encounter tenants who lose their jobs and can’t make payments for a while or tenants who violate quiet hours or damage the property.
It’s to your benefit to have a designated person to take care of these issues. When you don’t receive a rent check on time, you could be looking at a longterm problem with a resident unless you take action. Dealing with bad tenants takes time and energy, so if you can pass off this responsibility to someone else, you’ll be a happier property owner.
Plus if you only own one property, one missing rent check can make a huge difference in your monthly income. A polished property manager will communicate with the delinquent tenant and work with them to ensure on-time payments — or evict them if necessary. They’ll also handle noise complaints to keep the property comfortable for all residents.
Property Management Companies Can Be Affordable
While it might seem like you’ll cut into your bottom line by hiring a property manager, you’ll save money in the long run. Typically, property managers take a percentage of monthly rent from your tenants in exchange for their services. And a good manager will price the rent accordingly so you don’t lose much in profits.Â
With a property manager taking care of the routine tasks each day, you’ll get back your evenings and weekends. Additionally, you’ll have the time to devote to other projects and opportunities. Don’t be afraid to outsource management responsibilities!
You’ll Avoid Being Available 24 Hours a Day
Have you wanted to take a vacation but been unable to do so? Another reason to enlist the help of a property management team is that you’ll gain back free time to spend with family — or at the beach. You won’t have to be on call 24 hours a day since you’ll have someone else to handle the demands of operating rental units.
Especially if you’re the owner of multiple properties in different geographic locations, it’s impossible to be present at all locations. But you may feel like you need to be accessible all the time to keep your tenants satisfied.
This is an unrealistic expectation. You’re better off delegating responsibilities to someone else locally who can coordinate maintenance personnel, locksmiths, and others for services throughout the day.
You Can Manage More Properties
By hiring a property manager, you gain the flexibility to manage more properties. With someone at the helm of a given property, you can divert your attention to other projects, like acquiring more properties or refurbishing existing ones.
With a property manager, you get someone who can track repairs, communicate with outside vendors, and bring in new tenants in an organized fashion. And once you find a process of management that works well for one property, you can adapt it to another one. All of this frees you up and provides more cash flow so you can add more properties to your plate.
Your properties won’t need to be in the same location, either. If you find investment properties in other regions, hire a property manager with knowledge of the area. That way you’ll have someone at the helm who knows how to keep the building occupied.
You’ll Have Time to Think about the Big Picture
Are you hoping to grow the number of properties that you own? Or are you hoping to pursue remodeling or other physical changes to existing properties? When you have someone who can handle the daily logistical tasks, like collecting rent and interacting with tenants, you will have more time to pursue bigger changes.
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Thinking about the big picture is an important part of growing your business. If you don’t have time to do it, you can’t realize your goals and build your nest egg. Outsourcing some of the smaller tasks that chew up time during the day will allow you to take steps forward in building your portfolio.
Get the Management Help You Need
Managing one or more multi-unit dwellings is not an easy task. That’s why finding a good property manager is so critical to operating a property — or multiple properties —effectively and efficiently. Save yourself from the stress of trying to do it all, and outsource your management responsibilities to someone with the expertise and experience to do it well.
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