Did you know there are 19.95 million rental properties in the United States and these properties contain a total of 48.2 million rental units? Becoming a rental property owner is an excellent way to enjoy reliable passive income for months, years, and decades to come.
Just because you own an investment property, that doesn’t necessarily mean you have to shoulder the day-to-day management duties, though. Whether you have too much on your plate or don’t know the ins and outs of running a property that has tenants, hiring a property manager can help.
Here’s a look at why it’s worth your while to retain the services of a property management firm.
Property Manager Will Keep Your Property in Good Repair
One of the main reasons to hire a property manager is that you’ll get help with maintaining your asset. Whether you keep the structure and its land for years or decades, you’ll want to invest in the upkeep.
Otherwise, your investment property could wind up losing value over time. If preventive maintenance and repairs aren’t performed, your property will look the worse for wear.
Consider, also, that you won’t attract the type of tenants you’d prefer if your property gets run down. So there are many reasons to invest the time, effort, and resources toward the upkeep of your property. A property manager can handle the logistics and ensure things get done pronto.
Property Manager Will Find Your Quality Tenants
You’ll want to avoid nightmare scenarios like tenants terrorizing other tenants, tenants failing to pay rent, or people making frivolous accusations and pursuing legal action. Do you know how to reduce the odds of facing such problematic tenants?
You can count on a property manager to find good tenants to live in your units. The firm will conduct a rigorous screening process to locate the best people to occupy your property.
Property Manager Will Help You Set Rental Rates
You can also count on a property manager to help set realistic rental rates so you don’t charge too much or too little. The goal will be to set reasonable rates that attract quality tenants.
An experienced property manager will know what the realistic rental rates would be in your area. You’ll still get to decide how much you want to charge, but you’ll appreciate getting advice from an expert.
The property manager can also recommend upgrades you could make that would justify charging more.
Property Manager WIll Handle Administrative Services
Do you relish the prospect of collecting rent from your tenants every month? Do you want to be the go-to person whenever tenants need help with something?
Are you excited about writing ads when there are unit vacancies? If you answered “no” to the preceding questions, you should hire a property manager to handle these and other duties.
Some people like to own and manage their properties, others prefer to get help managing their holdings. There are good reasons to find a property manager who can provide valuable services.
Property Manager Will Help Fill Vacancies
If tenants leave, you’ll want the vacant units filled with suitable replacements as soon as possible. A property manager can advertise vacancies and find new tenants in short order.
The longer your vacant units remain unoccupied, the longer you’ll go without generating passive monthly income. It’s best to have a property manager help you find new tenants right away.
Whether or not you hire a property manager is up to you. But if you want to ensure your property is well maintained and your tenants well taken care of, it makes sense to retain the services of a property management company that will handle your day-to-day affairs.