As I have mentioned here many times before, having a rental property is one of the most lucrative businesses that you can have. It doesn’t matter if it is your full-time passion or a business you do on the side. Owning property and renting it out to others is a great way to bring in income.
First and foremost, you must always set good strategies to ensure the properties you choose are outstanding. The key strategy with this is finding the ideal locations where you can buy property. Look for areas with good neighborhoods, outstanding school systems, convenient distances from goods and services and easy access to major travel routes. In this way, it will be easy to convince tenants of the value of moving into your property.
As great a business as it can be, managing rental properties or apartments can be hectic, especially if you lack the skills of management. If you feel overwhelmed, I would advise you to use a rental manager who can help you run your property. Of course that comes with a fee for their services. But in the end, it may be a wise move to help you relieve stress, free up your time and actually make you more money.
5 Reasons to Hire a Property Manager
A rental property manager’s job is to be involved in the various activities that will ensure that your property maintains its standards. After all, that is what you want – for your property to be maintained so it can bring in the maximum amount of income over time.
With that in mind, here are 5 reasons why you should hire a rental manager for your apartments or rental property.
Collecting Rent
Running your apartments and rental properties can be hard at times, especially if you are committed to other tasks. This may interfere with your routine, where you may end up losing track of how tenants pay rent. This is not a good business practice and it may lead to financial losses because you lacked proper management of your property.
Hiring an apartment rental manager can help with this. They responsibility is to collect rent from the tenants through a system that can help you keep the records. With a good system in place, you will have an easy time making a profit rather than a loss.
Advertising Your Property
Having rental apartments does not imply that you will have tenants waiting. Here you must come up with a strategy that can help people looking to rent to be aware of vacancies. You will need good marketing tactics that can influence potential tenants. Every month your property sits vacant costs you money.
A professional rental manager knows how to flood the market with the maximum amount of advertisements. They know where to place these for maximum exposure. This may be done through online marketing, which has taken the industry by storm. Through the proper marketing, you can reduce the number of months your property sits unoccupied.
Screening Tenants
This can be one of the biggest headaches of all. Screening tenants is quite the task.
Additionally, tenants can be hard to manage if you are not careful in your selection process. They all have different personalities, some of which are hard to handle. Therefore, you must be good at understanding people and reading their minds.
Screening tenants is the most important step. You have to get this one right before you allow anyone to move into your property. Hiring a good rental manager will help you screen the potential tenants and any occupied tenants to avoid damages on your property. This is done through running through their personal records and doing background checks.
Related Content: How Landlords Can Screen Out Potentially Bad Renters
Minimizing Lawsuits
There are procedures and regulations that you are required to carry out to construct a rental apartment. This is a basic safety issue and is meant to ensure that you abide by all the building codes. In addition, once the property is completed, you will have to abide by certain laws as the landlord. Your tenants have rights and you must honor and respect those.
Some lawsuits will require someone with experience to solve. Hiring a qualified rental manager is one of the key steps to take since they know about claiming what is right for your property.
Related Content: Our Nightmare on Rental Street: Evicting a Tenant
Bringing in More Income
When we switched from managing properties ourselves and hired a professional manager, we actually ended up making more money. Professionals have a better understanding of the local market and what the trends are in regards to monthly rent. Through their software, they will be better able to identify what your particular property can rent for and what prospective tenants in the area are willing to spend.
So, even though we are paying our manager a monthly fee, we ended up bringing in more income than when we were doing it ourselves.
In conclusion, a rental property manager can be a great investment. Not only can it help you bring in more income and run the business properly, it will greatly reduce the stress level associated with owning property and allow you more time to participate in other personal things that you enjoy.
Leave a Comment or Answer a Question Below: Have you ever hired a professional manager? If so, how was it? What other benefits can you get from having someone professional oversee your properties?
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