Managing property requires skill. If every tenant paid on time and took good care of an investor’s property, there are still reasons why a professional manager should engage to help ensure that an investor realizes the maximum profit from their properties. You need a property manager for your rental properties.
Professional property managers know what to look for in a tenant and starting with a good tenant is just the beginning. Things do happen such as water leaks, broken appliances, etc. Some of the issues require fast action to prevent more damage. Others are considered preventative maintenance and require action to be taken before they become a problem.
Passive investors in particular who may or may not be located near the investment property will require a professional property manager who can react to issues. Some tenants require “encouragement” to pay their lease payment or reduce the noise level. A diligent property manager can spot a property where the tenant is sub-letting or allowing others to live there in violation of the lease. Upon discovery, the manager will confront the tenant.
Not everyone who invests in property has the temperament to work with tenants particularly when they have to be evicted for non-payment of rent. This may be the most compelling reason to have a disinterested third party serve and ensure eviction should it come to that.
Property managers ensure a constant flow of rental dollars into the investor’s bank account. When problems occur they are fixed. Investors can continue pursuing their careers without worrying about a leaking toilet.
Yes, there is a fee for the services provided by a professional property manager but the value is there when all things are considered. The effort to find a quality tenant may necessitate showing the property many times and following up with the many calls from individuals who do not qualify. Professional property managers understand the laws surrounding protected classes and other local, state, and federal requirements. In today’s climate, saying the wrong thing could spark a complaint with a host of local, state, and government agencies claiming a variety of things.
Investing in residential rental property can be very profitable. Just include the cost of a property manager and in the long run, your investment will be well served.