Should you hire a property manager for your rentals?
If you own a rental property or many you surely are no stranger to the headaches that come with the process. From having to find the right tenants, to dealing with requests, maintenance, bill payments, paperwork and coordinating with renovation projects, things can get overwhleming fairly quickly. The more properties you add in the mix the harder it gets also — so what if you chose to hire a property manager to handle all of it while you simply enjoy your time for the things that matter to you?
Before diving in to the advantages of hiring a property manager, let’s debunk the most common myth that surrounds the concept and may be holding you back from hiring one:
Rental Property managers are expensive
Talking strictly about hiring a property manager for your rental units (homes, condos, etc.), the cost can be quite low when you consider the benefits. The most common rate is a fee-based rate portion of the rent, which means that you are paying a percentage of the rent for the services. For example. a Rent Shop property manager will cost you on average 7% of the rent. This is quite low when you consider that all is being taken care of while you can are completely hands off.
Advantages of hiring a property manager
Now that we’ve covered the cost portion, let’s take a look at all the great things a property manager can do for you and your rental property!
Property managers have connections
If you’ve experienced any renovation projects or maintenance problems with your rental, this is where a property manager can shine! As they work on multiple rentals all the time, it’s only natural for them to have the proper connections to fix just about anything at the tenant’s request and to find the right people to handle your renovations.
No more paperwork!
No one likes paperwork, especially when dealing with the back and forth of signatures, documents and verifications. Having your own property manager to deal with all of it makes tings a lot easier!
Tenant placement & screening
The toughest part of owning a rental is not anything to do with the unit itself, it’s finding the right people to rent it to. We’ve heard horror stories and certainly have seen our share of struggles with the wrong tenants. Hiring a property manager means you are letting someone with lots of tenant experience do the screening process and the bulk of the work.
Hiring a property manager increases long term rental rates and reduces tenant turnover
Taking the time to talk to a property manager to see how they can help your situation is a great step forward and the first one to easy property management. In the long run, having a dedicated property manager helps a lot with keeping tenants for longer periods of time and to reduce turnover rates.
A dedicated property manager will be fully commited to hearing tenant requests, making the proper inspections, arranging for maintenance and just being a good a reliable point between you and the tenants.
Conclusion about hiring a property manager for your rentals
Saving time, money headaches and a lot of work are all things that speak to us.
When you hire a property manager you are letting someone that has the expertise, time and connections necessary to make your rental experience as easy as possible. From tenant placement, to renovation projects and maintenance and not having to deal with paperwork, you can truly get back a lot of time that you didn’t have if you were taking care of everything by yourself.
