Do you own an investment property? If so, you know how hard it can be to serve as owner and landlord. There are too few hours in the day to get everything done and still have some free time.
But the good news is you don’t have to burn both ends of the candle. All you need is the right service provider — specifically, a property management firm — to get some help. While some rental property owners pride themselves in doing everything independently, others realize that offering a small percentage of the monthly rent for some assistance is a good deal.
Here are four reasons you should retain the services of a property manager for your rental property.
1. You Can Get Advice as Need
Success as an investment property owner will come much easier if you have an expert on call. Property management firms don’t just take care of real estate on behalf of their clients. They can also offer recommendations and suggestions if you have questions and don’t know what to do. You can pick their brains and get the information you need to make informed decisions.
2. You Can Get Help Finding Quality Tenants
Finding quality tenants is harder than you might think. Too many rental property owners lose sleep and money because of bad tenants. These bad tenants might refuse to pay rent, damage their units, cause trouble for other tenants, and harass neighbors in other rental properties.
A property manager can reduce the odds of getting a problematic tenant. It’s all in the screening process. If someone wants to rent your property, a property manager will run a background and criminal history check, request proof of income, check the credit score, and ask for reference letters from previous landlords. Going through these steps can weed out bad applicants.
It’s hard to enjoy passive income if your tenants aren’t paying on time or at all. Hiring a property manager is an investment that will pay dividends since it can reduce the risk of certain issues.
3. You Want Help Setting the Rent
You can set the rent at whatever you want. But it’s a good idea to understand the market dynamics. That’s where a property manager comes in. They will know how much you should charge tenants based on the region, the demographics, and what you offer.
If you want to charge more than the property manager recommends, you can get tips about renovations or updates that may increase the desirability of your investment property. If you have carpeting throughout your rental units, updating to laminate or hardwood might be better.
Instead of selecting rent arbitrarily, you can consult a property manager. Charging too much will scare off quality tenants who don’t want to overpay for rental units. And charging too little will shortchange you and compromise your real estate investment strategy.
4. You Can Get Help Maintaining Your Property
Another way a property manager can help is by helping you maintain your property. On the one hand, you must ensure the proper upkeep of your investment property so it appreciates in value. On the other hand, you must ensure that maintenance and repairs are done so tenants get the living experience they deserve.
If proper upkeep is an afterthought, tenants will bounce. You want good tenants to renew their leases rather than pack up and leave, but they won’t stay if you’re a shoddy landlord. For best results, hire a property manager close to your investment property.
So, if the real estate is in Houston, Texas, find a property management firm servicing Houston. Don’t underestimate the importance of close proximity. You need a service provider that can respond immediately.
