There are many decisions that you will need to make when investing in real estate. One of those decisions, for those purchasing and holding rental properties is whether or not you need a property manager. Property managers have many uses and are a great idea for those who have many properties to handle and wish to have a life away from their real estate investing businesses or for those who just do not choose to manage their properties. A property manager is the buffer between your tenants and your family.
The benefits of a good property management service are quite numerous. To begin with, you will find that they eliminate the need for tenants to have your phone number. If you’ve dealt with rental properties before without the buffer of a property manager you are surely aware that it doesn’t matter what time of night or the morning things go wrong, you are the first person your tenants call to fix those things. A few late night or inconvenient phone calls, can make many owners reconsider owning rental property and even get out of the business of renting.
A property management service is able to handle many things for you while you sleep through the night or simply enjoy time with your family. When you consider the number of calls you receive from one needy tenant or multiple tenants and the time you save as you purchase more properties, a good property manager or service is definitely a value for the money.
Another benefit of using a property manager or property management services is that they often have a qualified staff of administrative and maintenance support. The additional support team can handle items such as receiving rents, paying owners, coordinating and fixing necessary repairs. Some of these services may be included in the management fees while others such as cost of materials and labor for repairs may be additional. Regardless of whether or not the repair services are included in the management fees, your property manager or property management team is often the best source to find qualified contractors to handle the repairs. Many property managers only use licensed and insured contractors which gives you the owner peace of mind-knowing your property is being maintained with quality repairs and ultimately saving you money. In addition to finding qualified contractors, property managers eliminate the time an owner has to spend calling and scheduling appoints for repairs. Moreover, it’s nice to know that someone else can deal with some of the unfortunate and inconvenient things that comes with owning rental properties.
One of the most important reasons an owner decides to utilize a property management manager or service is that they are qualified to handle the legalities of taking care of tenants who cannot make the monthly rent payments on time. While you as an owner can relate to the circumstances that leave some people unable to pay their rent, you need the income from the property for the mortgage or other financial obligations. This is after all a business and sometimes it is better to have a third party handle the unpleasant situation of collecting late rent and obtaining possession of the property if necessary.
Property managers also handle the advertising for your property and the cleaning up and retouches that are necessary between tenants. They also allow you to take vacations with the knowledge that your properties and tenants are in good hands. Everyone needs to take a break sometimes and it’s nice to know that with a reliable property manager you can actually sit back and relax.
If you are going to invest in real estate, consider adding a property manager to your team. A good property manager reduces and sometimes eliminates your stress regarding your investment property. They can truly give you time back to do the things that are most important to you.
For questions or additional assistance with selecting a property manager, contact Crystal Lovell with Make It Home Property Management. She can be reached via email, crysatal@makeithomepm.com, direct, 757.515.3113, or www. Makeithomepm.com.