While there are many horror stories about people who buy rental properties and deal with tenants who cause nothing but problems, that doesn’t mean it’s not worth owning a rental property.
You’ll want to do your best to find good tenants who don’t cause you a lick of trouble, take care of their rental units, and pay rent every month without fail. Otherwise, your dream of owning an investment property and bringing in steady cash flow each month will become a nightmare.
One reason many rental property owners hire property managers is to get the sort of help they need to manage their investments. For a small percentage of your monthly rental income, you can have a service provider help you with essential landlord services. But would you be better off keeping all your rental income and being an investment property owner-landlord?
Keep reading for three reasons why getting a property manager is worth your time and money.
1. Find Good Tenants
If you try to find tenants yourself, you might regret that decision. Bad tenants won’t give you the information you need to make an informed decision. They’ll represent themselves as being trustworthy. That’s why you need a property manager in your corner.
A property manager will conduct a tenant screening process that is extensive. It will examine things like employment history, credit history, financial wherewithal, criminal record history, and more. It will also ask applicants to provide references from previous landlords.
While there’s no way to guarantee a tenant won’t eventually let you down, a property manager will increase the odds of your finding the kind of tenant you’ll want to keep around long term.
2. Get Help Taking Care of Your Property
When you own a rental property, you can be sure there will always be something that needs to be done. You’ll barely have any time to do anything else if you try to be the landlord of your investment property. Doing everything independently means you’ll have to do the work yourself or find the contractors and materials needed for maintenance and repairs.
But if you hire a property manager, you can have the service provider spearhead maintenance and repairs. The property manager will get the right contractors and materials at the most competitive prices to save you money without jeopardizing the quality of the work.
You won’t have to be tethered to your rental property since the property manager will do the heaving lifting on your behalf. If you want to own an investment property but want help with the landlord duties, you should explore the benefits of finding a property manager to work with.
3. Provide Good Customer Service to Tenants
Let’s face it. If you’re to have a life, you’ll need help to provide tenants with the service they deserve. If you don’t provide good customer service, your best tenants might not renew their leases. They’ll go where they feel valued. That’s why you should consider hiring a property manager.
When your tenants are properly taken care of, they’ll have a better experience in your rental property. They’ll also be more likely to renew their leases after the end of their terms. Good customer service is a must-have. You can’t afford to drop the ball on this front.
If you want to buy a rental property, consider these three reasons why hiring a property manager is one of the best investments you can make. It’s the sort of expense that will make owning a rental property more rewarding and less stressful.
Before you take the plunge and hire a service provider, do your homework to find a property manager offering the services you want.