If you’ve ever owned income property, you know that managing a rental can be financially rewarding but stressful at the same time, demanding a large commitment of time and effort. If you’re a handy person or live close to the property, you may consider taking the DIY approach when it comes to management.
However, if you’re none of those things, it’s smart to outsource property management services to a professional.
To help you in your decision, here are some important tasks a property manager can do for you:
- Set proper rental rates: Your property management company can conduct a comprehensive market analysis in order to set a fair and competitive rental price for your property. This will thereby ensure you strike the right balance between optimizing monthly income and keeping a low vacancy rate.
- Collect and deposit monthly rent payments in a timely fashion: Securing payment from clients on your own can be challenging, but a property management company can collect rent for you as well as ensure on-time payments. This is especially important if you don’t have a lot of properties, and collecting payments in a timely manner is critical in maintaining cash flow.
- Market and advertise your property: Property managers know exactly where to market your property and how to create intriguing advertising materials, a critical skill when you have to quickly fill your properties to avoid long-term vacancies.
- Locate the right tenants: Experienced property managers will not only find good tenants for you, they will handle all the details. This may include securing criminal background and security checks, running credit reports, collecting references, and verifying employment.
- Manage those tenants: They will also manage all aspects of the tenant-landlord relationship, handling both routine and emergency maintenance, taking care of routine inspections, and managing conflict resolutions.
- Manage vendor relationships: Property management companies maintain good working relationships with maintenance workers, contractors, tradesmen, suppliers, and vendors that ensure you will get the best work for the lowest price.
- Make sure you’re in compliance with housing regulations and property laws: There are many laws and regulations you have to follow when renting and maintaining your property, from local, state and federal regulations to fair housing regulations. A property manager will also help you avoid lawsuits by remaining in compliance with such regulations.
- Allow you to invest in properties far away: If you manage your own properties, you are limited to investment opportunities within a small radius of your home. A property manager will help you take advantage of investment deals in virtually any location.
- Maximize the profitability of your time: When your property manager takes care of the daily aspects of running the property, you are free to spend your time looking into other investment opportunities or furthering your career.
Contact Berkshire Hathaway Premier Properties
To learn more about how a property manager is vital for your rental property, contact the professionals at Berkshire Hathaway Premier Properties today.