Many income property owners are unaware of the liability, responsibility and costs associated with property management. Whether you are an experienced income property owner or just an individual who is interested in renting out your property, here are 5 reasons why you need a property manager.
1.) Marketing - Property managers have the experience and resources to capture maximum exposure when placing your property on the rental market. They also have the expertise to determine the Fair Market Value of your property, to ensure that you aren't under/over pricing. Many owners believe that placing an ad on a popular rental search site or craigslist will be enough to attract potential tenants. However, this can be very dangerous and time consuming for any individual. Local expert Property Managers will use target marketing to efficiently attract quality tenants, while reducing risk and vacancy time.
2.) Qualifying Tenants - The importance of qualifying tenants cannot be stressed enough. Placing a bad tenant in your property can be very costly. Most property management companies offer thorough tenant screenings which include criminal/background checks and previous eviction checks, in addition to employment and residential verifications. Finding a tenant to care for your home as their own is key.
3.) Inspections, Repairs and Maintenance - Property managers know how to properly conduct move-in inspections to protect the property owners best interests during tenancy and for potential security claims. In addition, most provide a service where they will do routine drive-bys (very important for out-of-state owners) and perform monthly or midterm inspections. In addition, property management companies coordinate maintenance and repair issues. Many owners avoid, or are unaware of, the legalities of hiring properly licensed and insured vendors to conduct repairs while there is a tenant in place.
4.) Rent Collection - Most property management companies have properly drafted leases which make it mandatory for tenants to pay on time with short grace periods. They usually offer a type of e-pay for convenience to owners as well. This makes it that much easier for owners to receive payments, and track expenses and statements. When a tenant is late, property managers know how to effectively collect while preventing evictions. If need be, most companies are also able to coordinate evictions at a reduced rate.
5.) Cost Reduction - Whether it's through reduced vacancy time, thorough tenant screening, or routine maintenance inspections; property managers have the expertise and resources to keep expenses at a minimum, all while protecting some of your most valuable assets. Despite management fees, most owners find added value in peace-of-mind.
Before you list your next property listings for rent, consider the benefits of hiring a property manager. Safe yourself time and money and let the experts take care of everything for you. Need a Property Manager in Tampa? Visit the Real Estate guide for property managers in your area.