5 Ways Property Management Makes a Landlord's Life Easier
Know When You Need To Hire A Property Manager
There are many investment property owners that do a great job at managing their own properties and many enjoy the work. They are handy around the house, they know how to advertise, screen tenants, manage their finances, and they know the laws that apply to rental properties and dealing with tenants. There are some situations though that hiring a property manager may be the best decision you can make. You may have become a landlord when your job transferred you out-of-town, you may have inherited the properties or you may have experienced some other life changing event that has made the situation less than ideal. Here are a few situations that you could find yourself in that might tell you it’s time to hire a property manager.
You live in another city, state, or country, or you travel frequently for extended periods of time. The further you are from your investment property the more likely you are to want to consider hiring a property manager. You will not be aware of events that may be impacting your investment. Changes in local government regulation and taxes, major construction near your property and even the weather may affect your property and your tenants. Being in another location may leave you in the dark and unaware that steps need to be taken. Hiring a property manager gives you piece of mind that someone is aware of local issues that may need to be addressed like a storm or a new municipal improvement tax.
Protect Yourself From Local Regulations
You are not familiar with the laws that govern rental property such as taxes on investment real estate and the landlord tenant code. Regulations regarding rental properties are always evolving and overlooking details like the proper form and timeframe of notifying tenants or the monthly, quarterly and annual tax filing requirements of different levels of government might land you in hot water. Having a professional manager on your payroll will insure that the legal and financial details are taken care of properly in a timely fashion.
Finding the Right Tenant
You are not experienced at or do not have the time to attract and screen tenants. Careful upfront screening of tenants is the start of a simple, hassle-free relationship between landlord and tenant. Knowing the features of your property that attract the best tenants, careful screening and avoiding inadvertent discriminatory language in your advertising is harder than you think. Property managers are always keeping up on regulations related to their business and adopting the best practices used in the industry.
Do Not Worry About Property Maintenance
You are not able to properly maintain the property yourself. It may be because of the physical requirements of the job are more than you can handle or that you lack the requisite skills, but at some point in the life of your property there may be some major maintenance necessary. Knowing a couple of handymen for small projects or even a list of contractors may not be enough. If you just have one or two properties it may have been a while since you last called them up. They could have moved away or got out of the business since the last time you needed them for a job. A professional property manager keeps a whole list of licensed maintenance people that they use regularly or even employ their own full time people in-house. Your manager can handle all the details with your tenants and the maintenance contractors so that the job goes smoothly.
Managing your own property can be a rewarding experience but in these situations it may not be worth the headache. If you recognize your own property management headache in this list then it might be time to hire a professional.
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