A property manager deals directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints, and even pursuing evictions.
In this business, we all have different business practices, and in my opinion, you can only be an expert at one thing and good at several, property management can take 200% of the time not allowing time for other areas if you want to do this right. It is critical to have systems in place and competent staff.
For a real estate agent, it’s essential to have their client in good hands and the property well taken care of so their client will purchase more investment properties when they see being a landlord is easy and cost-effective.
It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle, and you are so much better off never accepting them in the first place. A thorough screening process results in reliable tenants that:
- Pay on time
- Rent longer
- Put less wear and tear on the unit.
- Generally, cause fewer problems
The way you handle rent collection and late payments can be the difference between success and failure as a property manager. Collecting rent on time every month is the only way.
Tenants have to be trained to follow every part of the lease or deal with the consequences. Property managers have an advantage because tenants realize that they, unlike the owner, are only doing their job and are obligated to enforce the lease terms. Many property managers will tell you that it is considerably easier to manage other people’s units rather than their own for this reason. As a property manager, the goal is to help the landlord with as little or as much as they need.
Personal benefits for owners
Less stress – Avoid having to deal with middle of the night emergencies, chasing down rent, evicting people from your property, tenants who wreck your property, rental scams, lousy vendors, piles of paperwork.
More freedom – Live and invest Free up more of your time – Time is money, and for many investors, their time can be more profitably spent in areas other than servicing their properties.
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