You’re probably already aware of many of the reasons why hiring a professional property manager would be beneficial to you, especially if you’re not a hands-on kind of person. However, there are some other reasons you may not already have considered why having a professional property manager could be highly advantageous to you. Continue reading below to find out what some of these less obvious reasons are.
Many states have a great many laws and regulations in place which tend to favor tenants, and if you aren’t aware of what all these laws are, you could be exposing yourself to litigation. These days, tenants are much more willing to litigate than at any time in the past, hoping for a big windfall or at least an advantageous outcome that helps them financially.
When you hire a good property manager, that person should be well aware of all the regulations and laws imposed by your state with regard to tenants’ rights. In fact, this should be a condition of you hiring any particular manager, because that will help protect you against tenant litigation, if any of your tenants feel their rights have been violated.
Time investment and peace of mind
The amount of time you invest in carrying out maintenance and repairs to your investment property should be small enough that it’s do-able and that it does not unduly infringe on your personal time. If you find that you’re obliged to invest more and more time into your investment property, you will have reached a point of diminishing returns, and it simply may not be worth your while.
If you want to prove the point to yourself, calculate how much time you typically invest in maintenance and repairs to your investment property, and then compare that to what you would normally be paid for those same work hours at whatever job you normally perform. If the hours and the dollars simply don’t make sense, you’re better off hiring a good property manager to take care of all those things for you.
You will undoubtedly have a much higher level of peace of mind with this arrangement as well, because you won’t be subject to the daily whims of tenants who make constant demands for maintenance and repairs. Think back to why you got involved with property investments in the first place, and if your reasoning did not include daily upkeep of the property, you may want to get back on track.
The rationale for hiring a property manager is that such person would be capable of delivering improved results over what you personally might have accomplished. That means they should be able to get your property leased in a timely fashion, and it means that all maintenance and repairs should be accomplished quickly and on budget.
A good property manager will also be able to fill vacancies with tenants who do less damage to the place, and who end up staying longer. The expectation with hiring a good property manager is simply that they’ll do a better job of it than you would yourself. If you can find such a person during interviews, then you’re probably well advised to hire that individual, and have them administer all the functions of property management on your behalf.