Whether you have one investment property or 10, having the help of a professional property manager can make a huge difference.
Hiring a property manager will free you up from important but time-consuming tasks like proper screening of tenants and dealing with disputes. In fact, if you hire a property manager, you won’t need to have any contact with the tenants of your properties. Here are Choice Home Loans’ top four reasons to hire a property manager.
1. Professional advice and service
First and foremost, a property manager is a professional who is able to provide you with the right advice and service. They’re likely to have a greater understanding of market trends and can advise on the ideal rental price, so you can be confident you’re not charging too much or, more importantly, too little.
2. Extensive pool of possible tenants
Finding good tenants is part of a property manager’s job. As property managers look through rental applications for other properties they manage, they’re able to keep an eye out for potential candidates for your property.
A property manager is able to conduct open houses, meet with potential tenants and conduct reference checks as applications come through. They are also more likely to know of tenants currently looking for a house, and can promote your property to the right people.
3. Regular inspections and rental collections
Collecting rent and inspecting properties are some of the time-consuming aspects of being a landlord. To ensure that tenants are maintaining your property to the correct standard, your property manager is able to conduct regular inspections. They’ll also liaise with the tenant should any issues arise regarding property damage or repairs.
While collecting rent is now done electronically, and is ideally done at the same time every month, your property manager will be able to monitor which of your tenants are paying the rent on time and which ones are not. They will also be able to contact the tenant about late rent payments to ensure you don’t end up out of pocket.
4. Disputes and issues handled for you
One of the least appealing parts of managing a property is the possibility that you might have to deal with nightmare tenants. From issues with the rent to who is responsible for damage, having to spend time arguing with tenants can be a real hassle.
While a property manager will enjoy it no more than you, they will have processes in place to deal with a variety of issues and disputes. They will also have the experience to handle these matters in a professional manner, and hopefully settle them before they get out of hand.
Managing properties isn’t an easy task. While you might prefer to take control of your own properties in an effort to save money, having a property manager is always an option should you prefer to take a step back.
Get the right advice
Before you look at property managers, talk to a mortgage broker about the right way to become a property investor. Choice Home Loans’ qualified brokers can help you find a mortgage that’s right for your needs.
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