Why Hiring a Property Manager is Efficient
As the number of houses grows in an individuals portfolio, considering the fact that in Real Estate there is no limit of the success a businessmen can achieve. It can get very hectic managing properties especially when having tenants that aren’t understanding of the fact that they don’t own the property they’re renting. Here are some 5 reasons why it is efficient to hire a property management (PM).
You’ll make more money with a property manager. Property managers have invested thousands of dollars into technology automation & process to make managing properties as efficient as possible. 98% of our tenants pay their rent by electronic Payment. Getting your money faster and more reliably than fast turnovers and heavy marketing of your property eliminate any other PM. Vacancies. Saving you time and problem.
Good managers will save you lots of time and Headaches Let the handle the 2am toilet calls, so you can focus on the next deal. It’s a full-time job to track rent payments, collect late fees, deal with complaints and repairs, prep the property for new tenants, find vendors, and deal with bad tenants. It may also become a constant source of stress. Relinquishing these ongoing responsibilities to a good PM can allow you to benefit from your investment without sacrificing your time and health. Better tenants thanks to tight screening and bigger pool of applicants. Property managers will have the time to interview and handle all the questions necessary to eliminate tenants that have history of falling behind on payments or never paying at all. Knowing the law isn’t fine. We know how to avoid legal hassles like discrimination and eviction challenges. We will save you time and money by staying within the boundaries of the law. We also offer Eviction Protection services that will pay for the entire process in the unlikely event that a tenant stops paying for the privilege of living in your property. Regular Maintenance and Repairs – Property managers work closely with vetted and insured vendors, so that your property maintenance and repairs are done right, the first time.
In the real estate game it may seem hard to let others do a job you can easily do, but when you have different streams of income come whether from remodeling, property managing, realtor commission, wholesale, Etc. Time is very precious, and one should definitely consider hiring a property manager, as we all know is consisted of lot of time and effort.
Financial Records – Property managers provide monthly expense and cash account statements, and manage deposit escrows, relieving you of the bookkeeping headache. They will also provide end-of-year accounting information that you can provide to your tax professional.
However hiring a property manager isn’t always necessary when an individual is set for example a retirement portfolio is already providing for all living necessities, and extra lavish materials. So they don’t mind going to their properties/land to collect rent and fix any problems. For investors/ sharks it is most time vital due to their agendas, portfolios, schedules, goals etc. always being filled.