You can handle your property on your own … right? Perhaps not. Turns out we all need a helping hand, and unless you as an owner want to spend far too much time managing business matters, it’s time to hire a property manager.
With homeownership at 63.5 percent and slowly decreasing over the last decade, according to a 2016 Real Trends presentation by Steve Murray, steady nationwide rental growth is putting upward pressure on the need for property managers.
Here are a few other reasons you need a property manager:
- When selling, you have the edge since property managers already know all the ins and outs. This not only saves time and effort, but can help you maximize your value since your property manager likely knows how to make the most of what you’ve got.
- An understanding of local city laws makes property managers indispensable. A smart property manager will help you steer clear of lawsuits by helping you navigate the multiple laws and regulations when renting and maintaining property while keeping the property updated and in compliance.
- Moreover, property managers have the know-how to advise and consult owners on tax deductions, which in turn holds the potential to save you a significant amount come April 15.
- Marketing your property through select and targeted channels simplifies the search for great tenants by offering a focused experience tailored to your needs. Property managers understand how to fill properties by looking in the right places and creating smart, compelling advertising materials designed to catch and hold attention.
- Finding and managing the right tenants is right in a property manager’s wheelhouse. He or she will handle all the details, from security checks to landlord references. Additionally, they take care of the tenant-landlord relationship, including maintenance, inspections, and issues that arise along the way.
- Setting competitive rental rates is a specialty of a good property management firm, which will take on a comprehensive survey of the market to nail down the right price for your property – one that will expertly walk that line between maintaining low vacancy rates and maximizing monthly income.
- Property managers value your time and peace of mind, allowing you to invest your efforts in other things. We treat your property as our own and work hard to ensure that it remains as pristine as possible.
Savvy investors know when to outsource. Property management is one of those jobs.