Having a good property manager is important for any property. From finding good tenants, maintaining them, and sorting out your legal paperwork, having a property manager can be very beneficial for you. Below are our top 8 reasons why it’s important to have a property manager.
1. Market Appraisal
A property manager has an expert opinion of the correct rental rate for a property. Correctly pricing your property will attract good tenants as you are asking for a reasonable price for your property.
2. Tenant selection
Landlords need to consider tenant selection carefully. Not only are tenants physically living in their property, but a good tenant pays their rent on time and respects your property. A property manager is able to find out a tenant’s history, so you won’t need to worry about accidentally choosing a bad one!
3. Contracts
A property manager can help you sort out all the legal contracts between you and your tenants. It is very important that this contract is signed as it outlines the responsibilities of all parties involved.
4. Tenant retention
For investors, the ability to keep tenants is critical. If your property has a high turnover of tenants, this gives the investor a bad impression of you, that you are not looking after your tenants. A property manager can help you manage tenant requests promptly, such as to fix a broken air conditioner. By responding to these requests promptly, the turnover of tenants will reduce, and your investors will be happy too.
5. Maintenance issues
A property manager will conduct property inspections to assess whether the tenants are looking after your property. Maintaining the value of your property is important, as if tenants aren’t looking after your property, you need to invest more money into fixing it for future tenants.
6. Termination of contract
If a tenant wants to terminate the contract, your property manager can help you with all the legal paperwork. They will assess whether there has been sufficient notice for the termination of contract and whether the property is in good condition. Once the contract is terminated, your property manager will help you find a new tenant to replace the old ones.
7. A professional relationship
Investors who manager their investment properties commonly form friendships with their tenants which can create problems when it comes time to pay rent or maintaining the property. Having a property manager assists you in keep the relationship professional. They can charge a late fee to enforce the rent contract, and they regularly assess the condition of the property for you on your behalf.
8. Personal benefits
A property manager will relieve a lot of stress from you, as they will do all the tricky and time consuming tasks on your behalf. You have the freedom to travel without worrying about your property as your property manager will be regularly checking it and looking after it for you. Finally, you have more free time to spend with your family and friends.