7 Reasons to Hire a Property Manager
Whether you lease out your old house or accumulated a block of properties, you have likely discovered that property management comes with surprises and challenges.
At first glance, it may seem like the do-it-yourself approach will deliver the best return. For a handy person with a fair amount of time and a few properties, this can be true. However, for most owners hiring an experienced property manager can pay for itself in several ways. Here are seven reasons to hire a property manager.
1. Well-Screened Tenants
A quality tenant pays like clockwork, stays for an extended time, and causes minimal wear-and-tear during their stay.
As a managing owner, you can run credit and background checks, verify employment and check each applicant's references. However, a property manager sees hundreds of applicants every month and can catch red flags homeowners can miss.
At Preview Rentals, we maintain a database of interested tenants and advertise your property listing channels both online and offline. The more applicants we have, the more likely we are to get a highly qualified and reliable candidate.
2. Avoid Emergency Interruptions
Every property owner has experienced an emergency call from a frantic tenant, either just as you sit down to dinner or right after you've gone to bed. Some problems cannot wait until morning.
Occasionally there are conflicts among tenants, or between tenants in your property and the neighbors. Even though you are not causing the conflict, your property and relationships can be damaged. You may find yourself uncomfortably in the middle.
A property manager has systems in place to address emergencies, no matter when they arise. We are familiar with tenant and property laws and can address conflicts.
3. Get Market Rent
Sometimes it is hard for a long-time owner to believe the rent they can charge for their home or apartment. Market rents tend to rise over time, and property managers stay abreast of the rise.
You can get a lot of good rental information by looking through the classifieds, but small differences in location, condition, yard size, appliances, amenities, school district, or something else can make notable differences in the price. You may be leaving money on the table without realizing, or trying to overcharge and missing out on financially savvy applicants.
4. Dedicated Marketing Services
Are you getting the maximum reach with your rental ads?
From a renter's point of view, the best opportunity is an owner-operator who puts a sign in the window and doesn't advertise anywhere else. Why? Fewer renters are competing to apply and possible under-market rent.
The owner, on the other hand, should want his lease listing seen by as many people as possible. This puts him or her in a position to screen applicants carefully and pick a stable candidate.
Many owners don't bother with this step because they are happy to get the place rented and see marketing, answering calls, showing the property, and screening applicants as a hassle.
A property management team's dedicated marketing services make your rental easy for seekers to find online and offline.
5. Experienced Maintenance Team
Maintenance can be time-consuming and costly, but doing it well can save a property owner tens of thousands of dollars. Problems that are caught and handled early cost less than repairs done after the damage has accelerated or spread.
A professional property manager has a database of carefully screened maintenance experts who they know well and work with regularly. We can also help you set up a regular maintenance schedule designed to minimize serious damage.
6. Direct Deposit of Rents & Online Portal
A property manager collects the rents for you and deposits the net directly into your account. You have access to all income and expense data in real-time through an online portal.
One of the biggest headaches as a property owner can start when a tenant fails to pay. The longer you wait to respond with the correct paperwork, the longer an eviction process will take. Tenants can stay for months without paying if they were not given legal notice.
In the case of non-payment, your property manager will automatically begin the required notification process. The tenant has time after the first notice to pay their rent and stay in the property. However, in the rare case an eviction is necessary, it proceeds in a timely manner.
7. Professional Move-In and Move-Out Procedures
In addition to regular inspections, a property management company provides a thorough move-in and move-out inspection process. Setting clear rules and expectations at the start helps us stay ahead of common tenant questions and issues.
When a tenant moves out, we use the detailed move-in checklist signed at the start of the lease to assess any damage or deductions. We return the old tenant's deposit, refresh, rekey, and prepare the property, market it, find you a new great tenant, qualify them, and take care of their maintenance needs during their stay – all as efficiently as possible.
Get Your Life Back
A property management company relieves the hassle of property ownership. Our expertise and economies of scale can increase your net, even considering management fees.
A property manager takes the weight of day-to-day operations off your shoulders. You can take a vacation without worry, or relax on Sunday morning assured there will be no frantic call.
Cutting-edge property management software and our online portal mean you can see a snapshot of how your property is doing anytime, and from anywhere in the world.
Contact our office today to find out what Preview Rentals can do for you.
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