If you’re a landlord, you’re probably pretty busy. You might have a full-time job or a business to run, and you’re trying to make some money on the side or secure your retirement.
Well, you made a smart investment. There’s a reason that there are over 44 million rental properties in the US. However, you don’t need to be doing it all yourself.
Property managers do have a lot to offer landlords, and you definitely want to know why. Let’s talk about that.
Benefits Of Hiring Property Managers: Passive Income
Definitely one of the biggest advantages of hiring a property manager is the ability to just sit back and watch the money come in. When you’re a landlord, you have a lot of responsibilities.
You have to mow the lawn, fill vacancies, screen tenants, make repairs, answer calls, and a whole lot more. With a property management company, they do all the work for a small portion of your rent.
When the time comes for you to retire, you can’t just rely on social security and a couple hundred thousand dollars. Anything you can do to increase your long-term passive income will be invaluable when you reach retirement age, especially if you plan to live a long time!
Property Valuation
Your property might be worth more than you think, and the best way to find out is through expert evaluation.
The right company will even do a thorough rental property valuation to make sure you’re charging the right amount. This could completely offset the amount you spend on their services, which is typically only 10% of the rental income. They’ll increase rent prices based on inflation, make sure you’re getting the right price, and keep them up to date as time goes on.
Marketing Your Property
You may be used to putting your ads up on Craigslist, but there are plenty of more reputable sites that professional property managers are used to using.
They also have plenty of experience with pitching rental units, and they know which platforms and strategies work the best. This will optimize the search for new tenants and get the best of the best to apply.
Finding The Right Tenants
Any landlord can tell you that it only takes one bad tenant to do serious damage to your investment. The right property management firm will have extensive tenant screening services that include credit checks, background checks, rental history, and more.
This will make sure you’re getting the right tenants, keeping your units filled with the right people, and avoiding as many evictions or complications as possible.
Lease Agreements
Handling the lease is arguably the most important part of any landlord-tenant relationship, and the right firm will be able to get this right for you and your needs! Getting this right can save you a fortune, so having an experienced team on your side will make a huge difference to your long-term investment.
Think about it, tenants will be staying for a minimum of 6 months to a year. That’s a lot of time for something to go wrong, which means you need to make sure your investment is legally protected, especially in states with extensive tenants’ rights.
These lease agreements will include pet policies, payment methods, late fees, lease terms, parking situations, and many more policies that can make a huge difference to your investment.
Always On Call
Have you ever had to get up at 3 am to fix a leaky faucet? Well, it comes with the job. People who rent apartments occupy them at night, and making midnight calls just comes with the territory.
A property management company will make sure that these repairs are done in a timely manner, no matter what time it is, and you’ll be able to sit back and relax with the peace of mind that it will be taken care of.
Freeing Up Your Location
When you buy a property, you feel tied to that location for life. Well, you can be a free spirit once again with property management services. You’ll be free to move or travel across the globe whenever you want, giving you the freedom you haven’t had since you bought the building.
Maximizing Your Free Time
To put it simply, time is money. You may want to tend to your other investments or your own personal property. You may have a full-time job or a business that you need to tend to. No matter what the case is, having more time on hand is profitable and overall beneficial to your life and your health.
Secure Your Investment
You got into this industry because it was a good way to make money, and it certainly is. There’s no such thing as a perfectly safe investment, but real estate has to be one of the closest things to it.
If you’re not confident in your ability to manage the property, or if you have time constraints, then having experienced property managers keeps this investment secure by choosing the right tenants, getting the lease to meet your needs, taking care of necessary repairs and maintenance, and ensuring that tenants are taken care of and ready to renew their lease.
Get Your Peace Of Mind
When you’re looking to hire a team of property managers, the biggest benefit is knowing that your investment is in safe, trusted hands. Start today and get your property taken care of, stay up to date with us on the latest real estate news, and find out about the huge increases in US home prices in 2021!
