Posted on: 18 March 2019
If you own rental properties, you know that being a landlord is a lot of work. Other have probably suggested you hire a property manager to save yourself time and reduce the number of 2:00 am emergency phone calls you have to field. However, you may not be aware of these other, lesser-known benefits that hiring a property manager offers.
1. Fewer legal troubles
You try your best as a landlord to follow the law, but housing laws are really intricate. You could be following discriminatory practices, for example, just by suggesting an apartment would be good for children in your ad! You don't have the time to become a real estate law expert, but your property management company surely employs individuals with all of this knowledge. Therefore, by hiring a management company, you reduce your risk of having to fight any sort of costly, time-consuming legal battle related to the property.
2. Less hassle collecting rent
Typically, when you hire a management company, they collect rent for you and then pay you on a designated day of the month. This means you won't have to message tenants who are late on rent, make plans to meet them, or try to figure out why someone's bank transfer won't go through. And since property management companies are well versed in tactics that encourage tenants to pay on time, your risk of being jilted for rent is a lot lower.
3. Increased property value
If you are willing to pay for such a service, most property management companies will make repairs and small improvements to the property as needed. As such, your property will stay in good shape and will keep going up in value. If you were to keep renting it out yourself without making updates -- simply because you're too busy to do so -- it may go down in value instead.
4. Lower repair costs
If you hire a plumber or contractor yourself, you are probably going to pay their full price. But property management companies often have volume discount arrangements with these contractors. In the end, you will probably pay less for any repairs that need to be done than you would without the management company as a go-between.
Being a landlord really is so much easier if you leave the day-in and day-out rental tasks to a residential property management company. A year from now, you'll wonder how you ever handled it all yourself!Share