The Benefits of Hiring a Property Manager for Your Investment Property
If you are looking to invest in a real estate property for the first time and have begun the research process, you probably know that managing a rental property alone can be a full-time job. Choosing a property, placing ads in strategic locations, managing tenants or renovations, and maximizing your investment requires in-depth knowledge and complete dedication if you want to find success.
Although there is no “one size fits all” solution, there are several benefits for first-time investors to consider a hiring a property management team.
When you invest your finances in a real estate property, you are also investing your money in your tenants. Finding quality tenants is a time-consuming process and often the most difficult piece of the puzzle.
One of the major benefits of hiring a property management company is their expertise in rental advertising strategies. A skilled management team can:
– Create your rental ads
– Place them in strategic locations
– Manage incoming inquiries
– Schedule individual viewings
– Interview potential tenants
– Conduct background checks
– Create tenant contracts that protect both the investor and tenant
– And procure payment from tenants on a regular basis
For new investors, finding quality tenants can be a struggle, but with an experienced property manager by your side, you can safely and efficiently advertise and secure quality tenants.
Once you have found a tenant or tenants, you will need to maintain communication. This ranges from maintenance or renovation requests, reminders about monthly payments, complaints about noise, and retention of tenants in current units. Addressing these issues with tenants is a delicate process and is best handled with respect and gentle but effective communication.
If you do not have the time to manage tenant communications or are not interested in maintaining the landlord/tenant relationship, hiring a property management near the rental property is highly recommended. They will handle the aforementioned problems, saving you the hassle and steep learning curve.
Taxes and Value
Another benefit in securing a property management team is the free advice on tax deductions and assistance with organizing the necessary forms and documentation to make those claims. With this in mind, you can begin to maximize your investment dollars.
One of the key ways to protect your investment dollars is gaining access to in-house and insured contractors who can provide urgent or annual repairs. Without a property management team, the investor is solely responsible for finding licensed contractors and negotiating timeline and costs, which can be time-consuming and draining for the investor.
Property investment is often glorified as a guaranteed moneymaking endeavor. However, many people do not realize the amount of personal time, money, and stress that goes into managing an investment property.
Tenants are often times unpredictable. As an inexperienced landlord, you are likely to run into late night emergencies, evictions, damaged property, and constant rent reminders, thus creating more work for the investor or owner of the property.
By having a real estate property manager, you can expect to see more money and experience less stress throughout your investment property experience. Contact us for information on finding a quality real estate property management team for your next investment project.