Owning one or two investment properties may cause you to wonder if you should hire a property manager or handle all the landlord duties yourself. Landlords’ responsibilities might seem simple: find a tenant, sign the lease, collect rent, complete a move-out inspection when the tenant moves out, and then begin the process again when the tenant leaves.
These surface-level duties do not show the time and effort you might be required to devote to any rental related issues. Problem tenants, problems with the property, and problems that might be outside your control, but you will still be blamed for or need to mediate, are all examples of these types of problems.
Seth Miller who is the President at Aegis Realty, has put together a list of five rental related issues in which you might value a property manager’s time and expertise to manage the situation.
Property managers are needed to control costs.
There are many situations where a property manager is needed. Perhaps your business has properties and you’re the one who manages them. Or maybe you have a family that wants to use your homes and you need a property manager to help you. Either way, if your properties aren’t being managed properly, you need a property manager to make sure your properties are being managed properly. The good news is that there are many ways to keep property management fees down. In most cases, all you need to do is find a property manager who is a good fit for your situation and has good business sense. This will help keep fees down and make your investments more profitable.
Property managers make your properties more profitable.
If your properties are making a profit, it’s likely because your management team is doing a good job. A property manager will keep an eye on the rental market and make sure your properties aren’t underpriced. If your properties are overpriced and not generating the income you’d like, a property manager can help you fix the problem and make your properties more profitable. If your properties are at capacity, a property manager can help you minimize the amount of disruption to your tenant’s lives during renovation or repairs. If you have multiple properties to manage, a property manager can help you stay on top of all your properties and make sure you don’t miss a thing, explains Seth Miller Aegis Realty.
Property managers protect your investment by keeping properties in good condition.
Emergencies happen and can result in lots of damage to a rental property. A property manager will keep an eye out for damage and wear and tear across your properties and make sure you don’t pay for it by client or building inspector’s bill. If your rental properties are in bad condition, your management company can help you get them in good order. A property manager can also help you keep track of your properties’ repairs and make sure you don’t miss any of them.
Property managers act as the first line of defense against loss. They’ll deal with any problems before they become big problems.
Owning a property is a big investment. Whether it’s in money or time, it’s important to protect your investment. From routine maintenance such as inspections to major repairs, a property manager will make sure you don’t miss anything, adds real estate entrepreneur Seth Miller from Aegis Realty.
If you have a problem, a property manager will be there for you. A property manager will ensure you stay safe by monitoring the condition of your buildings and grounds, as well as your access controls, and taking necessary precautions.