Most of a landlord's work revolves around making decisions. One of the biggest decisions you'll make is about hiring a property manager.
Close to 50 percent of individual landlords elect to self-manage their properties. You can make a strong case for self-managing, especially if you have a few units and a lot of time on your hands.
Hiring a property manager, in most cases, proves to be a masterstroke for landlords. They handle everything from property marketing, rent collection, owner disbursements, and more.
Continue reading to learn more about what a property management professional will do for you.
1. Expert Property Marketing
The number of Americans who are renting is on the rise, but this doesn't mean all landlords are having a bumper harvest.
There are a number of reasons a rental unit can record a low occupancy rate, including poor maintenance and high rent. However, other times a property can stay vacant simply because prospective renters don't know about it. This is where property marketing comes in.
Property managers have mastered the art of real estate marketing. They know how to use digital channels and video content to increase your property's visibility to potential renters.
2. Tenant Management
Managing tenants is a full-time job. From screening potential renters and getting them to sign leases to addressing their complaints, you can quickly burn out.
Why not take the hassle out of the job and bring in a property manager? They know how to screen tenants properly, ensuring problem tenants don't make their way into your rental property.
A big part of a property manager's job is to handle tenant complaints in a timely manner. This is key to maintaining tenant satisfaction, so if you don't have the time to attend to your tenants' issues, let a property manager do the job.
3. Property Maintenance
A well-maintained rental property doesn't just save you money. It maintains a healthy living environment for tenants.
Staying on top of property maintenance is a task many landlords struggle with. Sometimes you'll skip routine maintenance because the property is still in good shape. Other times you'll skip because the money is tight.
With a property manager on your team, property maintenance will always be done on schedule. He or she will conduct routine inspections and ensure small issues are fixed before they become big repairs.
4. Rent Collection and Owner Disbursements
When you have one or two units, collecting rent isn't a big deal. But if you have several units, rent collection can become a big challenge.
This is a problem you can do away with by hiring a well-staffed property management firm. They'll have the resources to ensure efficient rent collection on time.
How does profit from the rent collected end up in your pockets? Property managers do owner disbursements, along with owner statements that show a breakdown of how your rental income is used.
Hire a Property Manager Today!
Self-managing your properties has some tangible benefits. You'll save money and maintain complete control of everything. However, as this article demonstrates, hiring a property manager is a smarter decision. Everything will be off your hands, and all you'll do is wait for owner disbursements to hit your account every month!
Are you a landlord in Columbus, Ohio, looking for a property management firm? Get in touch with PMI Columbus.
