Often when we go out to meet potential clients, one of the questions we are frequently asked is “Why do I need a property manager?” I have great tenants who pay rent on time what else do I need.
Unfortunately, this is what many landlords think…until a problem arises and its too late.
But professional property management is far more than just collecting rent. Here are some of the ways a property manager can help.
- Improved Property Maintenance – all properties will need maintenance sooner or later, even a brand new home. A good manager will develop a maintenance schedule which includes regularly scheduled items like , gutter and window cleaning. However, In addition, they can also help you anticipate unscheduled maintenance such as when to replace a hot water tank or a roof before they fail and do damage. Being pro-active with your maintenance will protect your investment and save you thousands in the long run. This proactive approach also helps retain those great tenants.
- Reduce tenant turn over. A good tenant who looks after your property and pays rent on time is critical to having a profitable property. Being responsive to tenant requests can be time consuming and that is where availability and communication are key. A tenant who is responded to promptly that also feels they are being treated fairly is less likely to move. Renters will also be more receptive and understand rent increases when they receive them. A happy tenant will also be more cooperative for things like access or showings.
- More timely rent collection. If you have ever managed a property yourself, you will have received the “Is it o.k. if I pay you next Friday” call. Everyone has times when money is tight and decisions have to be made as to who gets paid and who doesn’t. As a property owner you want your rent to be at the top of that list. When you have enlisted the services of a property manager, tenants are less likely to try and delay their rent payments to you. They know, especially if we placed them, that a 10 day notice for unpaid rent can be served as early as the day after rent is due.
- Evictions. Nobody wants to end up here, but if you do, you definitely want to have a licensed, professional property manager on your side. Evictions can be tricky, and timely submission and correct process are paramount to having a successful eviction.
Bottom line: if you have one or several rental properties and you want to maximize your profit or free up your time, you need a property manager. Don’t leave the care of your biggest investment to chance. Call us today to see how we can help.