Property owners need to manage their properties, and a maintenance plan is a great way to ensure that everything is working properly. Whether it’s repairing leaks or installing new flooring, a maintenance plan can help you ensure that your home remains in tip-top shape. But sometimes, we a busy and hectic schedule is just inevitable. There are times when you just lose track of what you should prioritize and can also make you feel overwhelmed.
But with property managers, they specialize in managing the day-to-day operations of the homes and buildings you own. They have a deep understanding of property maintenance and can provide expert guidance for many aspects of home ownership, from what needs to be done now to how to prepare your home for sale. Listed are the 7 reasons why you should hire a property manager:
1. With a property manager, you will make more money over time
Your rental property might not be the most profitable investment, but it is critical to cash flow and long-term wealth creation. The best reason to hire a property manager is that your mindset can change. Instead of thinking about all the things you would do differently if you had someone else in charge, you can shift your mindset to focus on all the ways this person (or they) has made your life easier through their simple, effective solutions. You no longer have to worry about finding tenants or collecting rent or dealing with leaks or fixing broken appliances—you simply sign off on the invoice each month and let them worry about everything else. If a small one-time expense like this adds up over time, that extra money adds up for years!
2. Property managers know the law
Property management is a complex, demanding field. It’s also one that is fundamentally founded on respect for and protection of the law, both in real estate as well as with tenants and prospective tenants. Property managers need to understand the legal issues affecting property management so that they can protect their organization from problems. Property managers are often required by law to ensure that houses or apartments are safe both for themselves and for their clients, or risk up to six months imprisonment under the Protection of Lawful Commerce in Arms Act. The knowledge of the law required for property management includes understanding how licensing relates to management in your state and local area; knowing which federal laws apply to property managers; being familiar with fire safety codes, safety standards and health & sanitation requirements; establishing internal control policies that promote sound business practices; understanding your state’s laws when it comes to evictions, tenancy termination and landlord/tenant disputes.
3. Your time is valuable
You almost certainly have a lot on your plate. You most likely have a full-time job, family duties, and much more on your plate every day. Every minute you spend dealing with tenants is time you might be doing anything else. Here’s one area of time management that is rarely discussed, but should be. Assume you don’t have to answer late-night calls to fix a leaking faucet or spend a weekend chasing down a contractor to clear up a fallen tree’s damage. In such a situation, you may concentrate on locating new investment properties to buy, which could significantly enhance your income.
4. Allow a Pro to Manage Your Vendor Relationships
You don’t need to be the person managing your vendors, but you do want to be able to coordinate with your vendor relationships. The solution: hand off your rental property management—or even let an assistant handle it for you—and allow a real estate property manager to manage those relationships for you. Expanding your vendor base is an important part of the real estate business. However, it can be difficult to efficiently manage and respond to all necessary interactions at once. With our Vendor Management Solution, you can get instant access to all your vendor relationships via our real-time system, so you can stay one step ahead of your competitors and maximize profits.
5. It is essential for keeping a boundary between both yourself and your tenants
It is important to establish boundaries in your relationship with your tenants. These boundaries will help you keep the peace and prevent conflicts, loss of property and other things that can arise when you and your tenants have a disagreement. Therefore, letting your property manager can be a quick solution to keep your tenants up to date with their settlements and concerns.
6. Investment Flexibility
Home buyers look for a property that is near where they live and offers convenience. For some, this means looking outside of their home state or even across the country. At SkyLake Properties, we have clients who live in other states and overseas. There might be a great investment opportunity in a neighboring state or even across the country, you would love to pursue. If you use a professional property manager, where you live is less relevant.
7. Peace of Mind
Peace of mind as an REI means that in regards to the entire property management equation – from finding tenants, to managing them, to taking care of your properties, addressing legal concerns, time management, the whole experience – you can lay your head down at night and say, “My property manager has got this.” What’s that worth? For many REIs, it makes sense to pay an excellent property management firm a fair fee in exchange for knowing that everything is being taken care of at all times.
