If you own a rental property, you know how much time and effort it takes to manage it. You need to look out for tenants, keep the property in good repair, and do many other things.
One option is to hire a property manager. They typically charge anywhere from 8% to 12% of the monthly rent to help manage rental properties. Instead of trying to do everything yourself and adding even more to your plate, it can make sense to bring in a property manager. You’ll be able to maintain a healthy work-life balance and steer clear of burnout.
Here’s a look at five reasons you should hire a property manager if you own a rental property.
1. Get Help Setting Rental Rates
It’s essential to set competitive rental rates. You’ll want to research how much other landlords in the area are charging for rental properties comparable to yours. A property manager will already know the going rates and can advise you on what to charge.
While you’ll want to offer an attractive rental rate, you’ll also want to ensure you get a fair amount every month. Setting the right rate, with the help of a property manager, will give you a desirable monthly income and encourage tenants to renew their leases at the end of their terms.
2. Get Help Marketing Rental Property
If you have vacancies, you’ll want to find suitable tenants as soon as possible. You won’t, after all, get passive monthly income from units that aren’t occupied by tenants.
A property management firm will market your rental units on the right print and online sources. It will know what marketing copy to use, how to appeal to quality tenants, and how to get your units rented out sooner rather than later. Trying to market your property on your own will be a hit-and-miss affair. That’s not what you want when the goal is passive income.
3. Get Help Managing Tenants
If you don’t get help from a property manager, you’ll have to handle landlord-tenant relationships by yourself. Can you imagine yourself picking up the phone in the early hours of the morning or late hours of the night to handle tenant complaints? When you hire a property manager, the service provider will help with handling tenant needs. Do you want the property manager to be the person your tenants call for help? You can make that arrangement.
4. Get Assistance Managing Vendor Relationships
Do you know what to do when it’s time for maintenance and repairs? It might be stressful if you have to look for contractors, suppliers, maintenance workers, and other professionals. But property managers have the kind of contacts that’ll make it easier to line up reputable vendors and service providers. You won’t have to fret over getting the help needed for your rental property. A property manager will also know about price ranges for products and services in your region, so you can count on the service provider to get you the most favorable prices. Knowing that the property manager will take care of the logistics will take a load off your mind.
5. Get Help Finding Suitable Tenants
One of the most significant advantages of hiring a property manager is that you’ll get help finding suitable tenants. The service provider will run credit reports, get security and criminal background checks, verify employment history, and contact previous landlords. You’ll want to avoid nightmare tenants at all costs. A property manager will help you find good tenants.
As you can see, you can get a lot of help by hiring a property manager to help with your rental property. Do your homework to find a service provider offering what you need.