Hiring a property manager or team will significantly add value to your personal life as well as your income property investment. Here are some ways a great property manager is beneficial to you:
An efficient property manager will take their time and use their professional experience to choose the best tenant for your property. By conducting thorough reference and background checks and briefly interviewing potential tenants through property showings, you can rest assured your property manager knows how to spot red flags (as well as green lights) by carefully screening tenant applications.
A good property manager knows the latest and relevant tenant and landlord laws, etc. so you can be relieved of any headaches that come with legal issues as a rental property owner. This knowledge your property manager has could potentially save you thousands of dollars in legal fees should an unexpected situation arise.
A property manager serves as the middle man between yourself and your tenant, creating a tighter system when it comes to rent collection. They are responsible for ensuring the monthly payments are received on time and handles the eviction process if necessary. The property manager will follow the terms of the lease agreements and enforce consequences.
A property management company will be able to assist you during tax season and even file the necessary forms for your property type. This will alleviate some of the pressure on you that comes along with tax filing and claims.
A proficient property manager will have a seasoned network of licensed and insured contractors who provide quality work at better prices. They will save you the time and money of doing all the research and job comparisons yourself. Their experience and knowledge of maintenance issues helps them to supervise their work and ensure your property is cared for with professionalism.
Hiring a property manager will not only be a benefit to the value of your property, but will also be a great personal benefit to you as a rental property owner. They will significantly reduce the amount of stress you would have handling all of the tenant issues, emergencies, property maintenance, and of course the endless amount of paperwork and files.
With the property manager tending to the endless (and constant) needs from your income property, you will have more time to give attention to other aspects of your personal life. This means your time is freed for travel, family, and other business ventures.