Reasons to Hire a Professional Property Manager

Truth be told there are a lot of reasons to hire a property manager: You own lots of properties, you do not live nearby, you view your property as an investment only and don’t care for hands-on management, you have very limited time, etc.  What it all boils down to though is you don’t want to and that’s okay because you don’t have to!  Here are some of the greater advantages to hiring a professional property manager:

Marketing your rentals

A property that sits vacant is worrisome for you, but property managers are motivated and equipped to tackle this predicament.  Not only do they have the avenues of marketing your property mapped out, but they have the audience, too.  Often, just having an office front is enough to prompt a potential tenant to pop in and view available properties.  In addition to having the right tools, they often have the right language in advertisements to keep it rented, too!

Setting the Right Rental Rates

At All Property Management, they say you can ballpark your price by charging what similar properties charge in the area, but a good property manager will help do a more in-depth market study to strike the perfect balance between maximum income and low vacancy rate.  They can also check in with you periodically as your rental needs a price adjustment if you live farther away.

Time is Money

As trite as that statement may be, it is said for a reason.  If your time is tied up in managing a property (especially one that is not terribly lucrative), then you are not maximizing your profitability.  If you hand over the responsibilities of the day-to-day management, then you are free to spend your time finding other investment opportunities.

Finding the Right People

Property managers have streamlined the task of finding tenants.  They will run all the credit reports, background checks, call references, etc.  Most civilians handling property management on their own, do not know how to pursue background checks or pull credit reports – which really limits their screening process.  Do you really want to take a stranger’s word for it that they have great credit and no criminal background?  Property managers are also impartial to tenants’ sob stories and know what to ask when they interview past employers.  Tenants realize they have a lot less pull with property management companies who make managing properties their full-time job.

Handling Maintenance and Repair Issues

When it comes to repairs and routine maintenance with rentals, property managers have got you covered, too.  When a tenant has a repair that comes up in your home, they inspect it and hire out the appropriate people.  They can be there to determine if the repair was routine or damage caused by the tenant.  It’s a beautiful thing to have a truly hands-off approach as an owner!

Property managers often know exactly who to call when a problem arises so there is no hesitating when an emergency repair comes about.  This can mean the difference between a small plumbing repair and a large plumbing repair PLUS a cleanup bill if you did not have a plumber you could reach during off hours.

You may think that a property manager is just looking to stick you with a hefty maintenance bill when an issue arises, but a good property manager does just the opposite.  You see, simply due to the sheer volume of property a company manages, a property management company has strong ties to several maintenance workers, contractors, suppliers and vendors.  This is because they often have done repeat business with them and built a rapport which often results in better pricing and response time.  The average person does not have this kind of leverage.

Collecting Rent

This includes the timely collection and deposit of deposits and rent.  You do not have to take calls at the end of each month listening to excuses about why your tenant does not have rent on time – again.  Managers have policies in place that have stood the test of time that help you           get paid every month and on time!

Pursuing Evictions

When tenant responsibilities lapse and relationships go awry, rather than face the discomfort and inconvenience of evicting a tenant, your property manager will handle this for you.  They know the law and process very well and can ease any of your concerns along the way.

The Ability to Invest in Any Property, Anywhere

Lastly, if you want to invest in property that is not nearby (Durango, anyone?!), then you are free to do so with the help of a property manager.  Of course, you are free to do just about anything you want, but you are not tied down to one property because you live far away.  Since you are delegating some of the responsibility, you save yourself the hassle of time and travel to attend to the needs of your tenants.

There are far more advantages than the ones I outlined above, but these are some of the major perks of hiring this work out.  Please give careful consideration to the company you hire and get their responsibilities in writing before agreeing to move forward with them. 

For more tips like these or to talk with an experienced and professional rental manager, please give us a call!  We are located in Durango, Colorado and can be reached at 970-259-0222.