Property management is not a walk in the park. If you are a hands-on owner renting or leasing out your properties, you have to filter would-be tenants, conduct regular property maintenance check-ups and updates, collect the rent, carry out necessary evictions, do the property taxes, and attend to legal responsibilities, among other things.
If, on top of managing your properties, you are also employed full time, busy with a big or demanding family, living out of state, or undertaking multiple other responsibilities, adding property management duties to your plate can become overwhelming. Imagine having to drive 1 to 2 more hours more to collect rent or conduct some check-ups right after your 9-to-5. Even an extra 30 to 45 minutes of driving could still mean a missed meal, or missed conversation with your spouse or children. What if a tenant calls you with an urgent pest control issue and you’re still on the clock? What if an interested tenant makes an inquiry and you can’t even pick up the phone because you need to drive the kids to school?
These are just some of the conflicts you might encounter if you do not have a dedicated team of professionals to handle your business. Such professionals are called property managers, and they are the experts who can handle daily operations of a real estate investment. For a certain fee, property managers can act as arbiters between owners and tenants.
Here are 4 reasons why hiring a property manager can benefit you:
- Minimized risk exposure
The quality of tenants can make or break your property investment. With this in mind, a good property manager methodically goes through a good number of tenant applications and make sure you end up with the cream of the crop. Your property manager will perform background checks that can help determine a tenant’s suitability. Having access to such information can, in the long term, shield owners from the possibility of exposing their property investment to bad tenants.
- Better marketing
Creating ads that attract and better pool candidates is a painstaking but rewarding process. Property managers can take over such marketing duties since they are best equipped to understand market trends in the housing space. Such expertise can then serve as the bedrock for creating more targeted ads which, in turn, can entice and boost the right viewer interests.
- Efficient upkeep
Keep tabs on the state of your property without having to make all the visits yourself. Property managers can routinely check your properties for you, sometimes through their own in-house staff or licensed third-party contractors. Never neglect upkeep; after all, maintenance is one of the key components in preserving the market value of a property. If you can’t always do it yourself, your property manager can check in to ensure your property remains in good condition and does not get abused by tenants.
- Managing legal and financial affairs
Some owners can get overwhelmed by certain legal responsibilities (e.g. lease addendums, evictions, property insurance, tax exemptions, contract enforcement or termination). Failing to act on these legal responsibilities in a proper and timely manner can lead to significant legal and financial problems. Different states are governed by different laws, and there are certain intricacies to certain regulations that only an experienced property manager can tackle.
As it is with deciding to pay for any service, you need to take the time to do your due diligence. Research and reach out to different property management companies in your area. An extra word of caution: don’t just base your decision on the lowest price alone. If you are serious in maximizing your time and eliminating your workload, find a trustworthy and efficient property manager—one that can give you good quality work and not more time-consuming headaches.
If you are looking for reasonably priced, top notch properties and trustworthy rental property management in the Dallas-Fort Worth area, get in touch with us at Westromgroup.com
Some of the areas we cover are in:
North Richland Hills