Buying one or more investment properties can be part of building a strong financial foundation. But if you’re not careful, you could stretch yourself too thin by burning both ends of the candle. That’s one reason some rental property owners hire property management companies. Getting help with landlord duties can be a godsend for busy people who have places to go, people to see, and things to do. You’ll wonder why you didn’t hire one sooner. Here are three ways retaining the services of hiring a property manager will ensure you have a life.
1. Get Help Finding Good Tenants
Unless you’ve experienced what it’s like to have a bad tenant, you won’t appreciate what goes into screening applicants and finding the right people to occupy your units. However, property managers understand the nightmares that can result from getting the wrong tenants. Instead of rolling the dice and hoping for the best, a property manager will use a proven process to find the right tenants.
They’ll check credit scores, criminal history records, and proof of income to help you find the sort of tenants you’ll want to stick around for the long haul. All it’ll take is one bad tenant to ruin your experience as a rental property owner. An experienced and reputable service provider, however, can increase your odds of finding good tenants and avoiding bad ones.
2. Handle Maintenance and Repairs
People have different motivations for buying investment properties. Many want to hold onto them for a long time and, after years or decades, monetize them through a sale. But while real estate has been a reliable investment class for Americans, you won’t maximize your return if the property is run down. That’s one area where property managers can help. You can task them with handling maintenance and repairs, so your rental property remains in good shape.
A property manager will also source materials and find reliable contractors at reasonable costs. So, they’ll save you a ton of time and money, which means you can spend your time doing other things.
Another reason to focus on property upkeep is that tenants are more likely to enjoy renting your units if you do so. They won’t stick around if the property is a literal dump. So, it’s in your best interests business-wise to prioritize maintenance and repairs.
3. Provide Customer Service
If you’re going to succeed as an investment property owner, you need to focus on customer service. Tenants have options. They’re not going to sit around and accept half-hearted customer service. And if they don’t feel respected, they may leave at the end of their leases rather than renew.
But providing good customer service takes a lot of work. Do you want to answer the phone every time a tenant needs to make a complaint or ask questions? Even if you do, customer service can take up lots of your time.
You won’t have time for other important things on your to-do list, like eating meals with family, getting a good night’s sleep, and exercising regularly. Handling customer service independently will make it hard to strike a good work-life balance.
But a property management firm will step in and handle this important service — a service your tenants need and deserve. Your tenants can call the property manager with any issues, and the service provider will handle those requests professionally and promptly.
These are some reasons to consider hiring a property management firm to help if you’re a rental property owner. Some believe that achieving a good work-life balance is an unrealistic goal. But delegating can help you achieve what some say is unattainable.
