One of the most important decisions to make as a real estate investor is whether or not you should hire a property manager to handle your rental properties. Can you effectively manage your properties on your own? Some people do so quite effectively. That said, most landlords are better off hiring a professional property manager. Whatever path you chose, it pays to be informed so that you make a wise decision. Here are some of the reasons why hiring a professional property manager is the right choice for most REIs:
- Expertise – Managers have a degree of expertise and experience in managing rentals that cannot be equaled by someone outside of the industry. This allows them to know the in and outs of pricing, how best to advertise properties, do tenant screening and much more. Property managers also have a vast knowledge of Fair Housing Laws and many other aspects that would give you a headache only when thinking about them.
- Free Time – Because property managers can do virtually anything in your name, they will free up your time so that you can spend it on whatever you wish, from family to new business opportunities.
- Maintenance Outsourcing – Maintenance issues can be exhausting especially when a tenant calls in unexpectedly. Property managers will not only respond to these maintenance issues quickly, – some have 24/7 call centers! – but they always have multiple vendors lined up and ready to tackle the job, which will save you the time and hassle of finding the best vendors.
- Turnover Reduction – Property managers have the know-how to increase the tenancy duration, and therefore maximize your income. Many managers have special welcome procedures for new tenants, and maintain good communication with existing ones, in order to make sure that they have a good experience in your rental, and that they want to renew the lease.
- Boots on The Ground – Managing a rental portfolio is complex to start with, and doing it while being outside of the city or state in which it is located is nearly impossible. Many investors that do not live in the same location with the rental, or have a large portfolio hire property managers to have the ‘boots on the ground’ for their rentals.
- Rental Income Maximization – Property managers are experts in optimizing your rental revenue, from marketing your rental for the highest possible price to increasing your tenancy rate and obtaining discounts for maintenance work because of their business relations with vendors.
At MF Cashflow Property Management | M Property Group LLC, we are all about helping investment property owners maximize their income and minimize their headaches. Whether you’re new to being an REI or you have multiple investment properties, we can help you.
Please call us today at 708-719-0977 or fill out the contact form HERE