Updated: Jan 13
If you’re a landlord, you have probably thought a time or two about hiring a property manager. Maybe you have more than one investment real estate property, maybe you multitask it with other sources of passive income streams, maybe you don’t enjoy the process of doing maintenance or reparation, or you’re simply not good at finding high-quality tenants. Whatever it is, it has got you thinking about outsourcing your responsibilities to someone else.
Let’s go over why you need to hire a property manager together.
They’re experts in finding tenants
One of the common fears landlords have is that they won’t be able to find tenants. It’s a reasonable fear to have. However, according to these Los Angeles property managers you don’t have to worry about this process when you have a good property manager overseeing everything. Remember, they’ve gone through this process many times. They know how to present the property to attract the best prospects. They know what photos will make people click, they know everything the listing description should inform about, where to post the listing, and so on. They also know the best professionals that will take quality photos and that will run efficient marketing.
Additionally, property managers often have access to various databases containing information about potential tenants, such as rental history and credit scores. They use this data to help match tenants to suitable properties. Finally, they can organize showings and open houses to increase the number of potential tenants who view the property. All of these tactics can help attract more qualified tenants and ensure that the property is quickly filled.
With property managers, you won’t ever have to worry about your property remaining vacant!
They’re experienced negotiators regarding rents
It’s in the best interest to have high rent. Many landlords do not know how to negotiate a high rent. Property managers are responsible for making sure that the rent charged for a property is set at a high enough level to generate a positive return for the property owner. They do this by researching the local rental market and finding out what comparable properties are renting for. They also consider factors such as the condition of the property, amenities, and location in order to determine an appropriate rental rate. Once the rent is determined, the property manager will market the property in order to attract tenants. They will also provide guidance to the owner on how to set the rental rate, handle rent collection, and respond to tenant requests or complaints. Overall, property managers help to ensure that the rent is set at a high enough level to generate a positive return for the property owner.
They maintain relationships with vendors
Property managers maintain relationships with vendors in order to ensure that they receive quality services in a timely manner. This can include everything from securing the best price on goods and services to ensuring the timely delivery of materials for repairs or renovations. Property managers ensure they have a relationship with these vendors that will enable them to get a service done faster than they could anywhere else. These vendors might also give special prices to these property managers, ultimately helping the landlord save money.
They handle conflict efficiently
As in any other relationship, there will be conflicts or difficulties. They may come in the form of contract violation, damages done to the property, late rent, etc. According to these Denver property managers, the landlord would have to go down there and fix the issue. These things may happen at an unexpected time, and they can turn into big inconvenient, time-consuming disasters. However, with the property manager, the landlord would only have to get informed about these things. It’s their duty to negotiate with the bad tenant.
Generally, property managers will first attempt to resolve the issue through conversation and negotiation. They will discuss the issue with all parties involved, listen to their perspectives, and work to come to a mutually agreed-upon solution. If the issue cannot be resolved through conversation and negotiation, the property manager may consider mediation. A mediator is a neutral third party who can help the parties involved sort out their differences and come to a resolution that is acceptable to all. If these methods are unsuccessful, the property manager may choose to take legal action. Depending on the situation and the applicable laws, this may involve pursuing an injunction, filing a small claims court case, or seeking damages.
Even if you think it’s a job you can easily do yourself, it’s always wiser to go along with a professional. Not only will their expertise create a bigger profit for you, but they will also make all the stress go away.
Still not benefitting from good property management? Get in touch with us and give it a try!