It’s no question that working in the real estate business is a 24-hour job. Between tenants losing their house keys at ungodly hours, pursuing residents for overdue rent and never-ending property maintenance, it doesn’t leave landlords with much respite.
If you find yourself stressed about building management, wishing to fill vacant suites or are looking for some personal reprieve, it’s time to consider hiring a property manager. How will they solve these problems? Here’s how:
1) If you’re struggling with high vacancy rates or aren’t making as much income as you desire, property managers help increase cash flow. They are effective marketers with the tools and understanding of how to reach a large mass of people. Whether it be multiple short-term rentals or long term residency, property managers will find residents for the apartment. Property managers most often manage several properties at once so they have access to various comparable prices to ensure the apartment is not listed too high resulting in vacancy, or too low, resulting in insufficient revenue.
2) Property managers not only fill available spaces but occupy them with appropriate tenants. We know it’s a lot harder to remove a tenant than it is to attract one, so property managers go through extensive screening processes and set strict guidelines to find the most suitable occupants. Property managers skillfully write ads and post them on effective marketing platforms to attract the right kind of tenant for your building.
3) Maybe you’ve spread yourself too thin. You’ve taken on more properties than you can give your full attention to or you’ve expanded your property collection a little too far for you to reach in an emergency situation. There is no need to compromise the success of your investment. Hiring a property manager will help give the extra attention your property needs to flourish. Not to mention they save you the trouble of traveling the distance for middle of the night emergencies.
4) Managing tenants can be a hassle, property managers are equipped in handling tenant conflicts by possessing a strong knowledge of tenant-landlord laws and regulations. They not only act as a mediator but they also manage, or have access to various skilled teams to manage, general building maintenance and apartment clean-ups between occupants.
5) Still not convinced? Think of all of the personal benefits hiring a property manager encourages. You will be far less stressed having to deal with tenant evictions, struggling to fill vacant apartments or chasing unpaid rent. That time can now be spent investing in other projects because you can be rest assured your property managers are giving their full attention to the needs of your tenants.