It’s no secret that there’s significant money to be made in the rental market. However, you have to ask yourself: how much time and money are you willing to spend to “do it yourself?” Managing your property may seem appealing at first since it looks like you get to keep all the rent money.
In truth, from vacancies to repairs, you may just break even when trying to “landlord” by yourself. Here’s how hiring a property manager saves you time and money.
Fewer Vacant Properties
Empty properties are a money pit. The longer a rental sits vacant, the more money you lose. A property manager does everything in their power to fill up vacancies as quickly as possible. They have a marketing budget and trust in the local community, which leads to reduced vacancy lengths.
In fact, many property management companies have a pool of renters to choose from, as opposed to the normal system of waiting for renters to come to you. Lastly, the best property managers are experts at tenant retention, meaning that your properties are less likely to need new renters.
If you’ve ever had the misfortune of hosting a bad tenant, you understand how essential a “good” tenant is. Unpaid rent and the cost of eviction can cost you thousands of dollars, but a property manager ensures that your rental will only see the best tenants. With thorough screenings and criminal background checks, you won’t have to worry about expensive damage repairs or late rent payments.
Less Time Spent on Logistics
Time is money! That means you can take home more income by working your day job or locating other investment opportunities. A property manager allows you to spend your time doing what you love and lets you ignore any small problems that tenants want fixed. Avoid paperwork, phone calls, evictions, and rent collection and hire a property manager.
Now, you understand how hiring a property manager saves you time and money. If you’re ready to make the investment and hire a property manager, we’re here to help. Just reach out!