Pros of Using a Property Manager

A property manager can be a great asset for the landlord and the tenant. Not only does the property manager handle rental payments and maintenance requests, but they also help set the rent rate, vet and select tenants, and manage accounting, payments, and documents—saving you time and money. 

Here are a few ways a property manager can help you out.

Setting a Rent Rate

To get the most value out of your property, it’s important to know the going rate for similar properties in the area. Having a property manager on your side can help you set a rental rate to attract tenants. 

In addition to knowing their way around the market, a good property manager will have some idea of how much certain repairs can cost before they start estimating repair costs.

You need a manager with experience negotiating with tenants or buyers (if you decide to sell), so they know when a discount might be justified and when cuts should be avoided.

Do the Vetting Work

As a property owner, you may have had to deal with tenants. This can be a headache. A good property manager will help vet and select the best tenants for your properties. This means they can find tenants more likely to pay their rent on time and take care of your property.

This is important because you want to ensure that your rental income is as high as possible to support your monthly mortgage payment. If a tenant doesn’t pay their rent, this can become an expensive problem for landlords because they could have to pay late fees or evict them if they don’t leave voluntarily.

Manage Accounting, Payments, and Documents

As a landlord, you may spend a lot of time on the phone or emailing your tenants. This can be incredibly time-consuming, and it’s easy for important details to get lost in the shuffle.

A property manager can manage your accounting and payment processing, ensuring everything runs smoothly. They’ll also provide regular reports on how your business is doing, including:

• Amounts paid by each tenant
• If there are any late payments or missed payments in their history
• Total revenue generated by the property
• Any maintenance requests/projects that have been completed

Save Money in the Long Run

As a landlord, you may have the skills to manage your property independently. But when it comes down to it, would you rather manage your rental or hire a property manager who can handle dozens of rentals? Sure, the extra money is nice, but odds are, you may already have plenty of other responsibilities and not have the time to deal with the complaints or needs of a tenant.

A good property manager can offer their services at an affordable price and still provide the same quality of service that an independent landlord would offer. 

In addition, they’ll also be able to work with tenants to collect rent and ensure that any problems are addressed promptly. This means that your tenant will be happy while you are saving time for other things going on in your life.

Conclusion

As you can see, there are many reasons why a property manager can be a great asset. If you’re looking to make the most of your rental property or investment, then it might be time to consider hiring one.