Growing a business is not a one-man job, especially if you aim to scale up. The same applies to rental businesses, you need someone to handle the administrative affairs of your properties. Sure, you could do it yourself, but it will take a toll on you. Between looking after your day job and juggling day-to-day responsibilities of being a landlord, it’s can be a bumpy road.
Are you sure you have enough time (and energy) in the day to assume the role of a landlord?
Delegating your role as a landlord to a property manager will almost always pay off in the long run, even if you end up giving a small percentage of your rental revenue.
Not convinced? Here are five benefits of hiring a property manager.
Find Quality Tenants
Property managers are knee-deep in the rental market in your neighborhood and have insights you don’t. They often maintain a marketing funnel with a continuous stream of renters. Even if they don’t, they often have access to brokers who do. So in case things don’t work out with your current tenant and they decide to leave, your property won’t stay vacant for long.
A vetted and experienced property manager will provide you with a seamless, simple, and continuous line of renters. This ‘renter funnel’ will come in fiercely competitive markets.
They Know How to Deal with the Legal Stuff
Every aspiring businessperson will, at some point in their entrepreneurial journey, come dangerously close to breaking local laws. Whether they relate to evicting delinquent tenants, drafting airtight leases, collecting rent, and others. Some of these mistakes could kill your business. Imagine getting sued by a former tenant due to a slip and fall injury.
These are mistakes that could have been avoided with the benefit of hindsight that only comes with experience. This is where an experienced property manager comes in.
Professional property managers with a keen eye for detail will be in the loop regarding federal, state, and local laws in your neighborhood. Moreover, their foresight will help you minimize your landlord liability. For example, they’ll know that a certain room in your home could cause slip and fall injuries that could open you up to a lawsuit.
Better Rent Collection Practices
Rent collection is easier said than done. This is why property managers have infrastructure that automatically helps them work through these things and manage delinquent tenants. It’s the rent that keeps this entire business floating – including the salaries and compensation of property managers. Come to think of it, it’s in their best interests to collect the rent on time and create processes that ensure everything goes smoothly.
And if push comes to shove, property managers can also initiate the eviction process. They know how to get delinquent tenants evicted swiftly and efficiently – without breaking any laws.
Long Term Tenancy
Tenants don’t stay in rental units that are not properly maintained. To keep your tenant satisfied, you’ll have to stay on top of ongoing maintenance issues, plumbing problems, and keep the place in mint condition. It can be difficult and expensive to do this on your own. Keeping tenants happy with the rental unit is second nature to most of the property management Buffalo companies.
They usually have access to a network of tradesmen, contractors, and consultants who can tend to major repairs at discounted prices. A well-maintained property will keep your tenants happy. And happy tenants are the secret recipe to long-term tenancies.