11 Benefits of Hiring a Property Manager

For most would-be landlords, rental management seems like a straightforward process. You buy a house, rent it out, and collect rent every month. Simple, right?

The truth, though, is that things aren’t always so straightforward. Tasks like advertising the property, screening applicants, and keeping the property in good condition can all be tremendously time-consuming when you’re doing it by yourself. And once you have two or three properties, that time multiplies exponentially.

Whether you’re tired of spending your weekends mowing lawns and doing maintenance, or you’re thinking of adding a few properties to your portfolio, you may want to consider bringing a property manager on board. A property manager will take on much of the day-to-day work for you. A property manager also represents excellent long-term value when you consider that outsourcing the everyday rental tasks frees you up to focus on other things, like growing your portfolio, or managing your investments.

Still not convinced? There are numerous advantages of hiring a reputable property manager. Let’s take a look at a few different advantages of hiring a reputable property manager, and see why you’ll want to think about bringing one on board.

11 Advantages of Hiring a Professional Property Manager

1. They’ll Handle Tenant Screening for You

One of the great things about a property manager is the fact that they can handle the entire tenant sourcing and screening process for you. 

Advertising vacancies and then processing applications can be a tedious and time-consuming process. It’s also an area that also requires a working knowledge of landlord-tenant law. For instance, not only will you want to perform thorough credit and background checks, but you’ll also want to make sure you do so in a way that complies with the law; helping you to avoid harmful accusations of discrimination.

Since a reputable property manager will have extensive experience sourcing and screening tenants, they’ll also be well-equipped to handle all of the necessary steps and paperwork for you professionally. They’ll also be able to streamline the process to help you find a qualified tenant as quickly as possible.

2. They Can Help to Lower Vacancy Rates

Every month that your property sits empty is one month’s rent that’s lost. Not to mention you’ll also be responsible for the utilities and other bills while the property’s vacant as well. For most landlords, looking to cut vacancy times is key to maximizing profits. A good property manager will help you get your property to market and rented as efficiently as possible. Since they’ll know the ’sweet spot’ when it comes to pricing your property competitively, a good property manager will be able to help ensure that there’s minimal downtime between tenants. In fact, at Renters Warehouse, we have an average tenant placement time of just 17 days!

3. They’ll Handle Rent Collection for You 

“The check’s in the mail,” “I’ll get it to you this week,” “I’ll have to pay you a few days late this month…” The excuses associated with late rent are something that most landlords have had to deal with at some point or another.

With a property manager, though, there’s no need to worry about chasing after late payments. If your tenant is late with the rent, you can guarantee that your property manager will follow up and enforce the late fee. Since most property managers collect their payment from the rent as well, they’ll be motivated to keep those payments rolling in. And worst case scenario, they’ll be able to execute the eviction process when necessary as well.

4. They Should be Familiar With Landlord-Tenant Law and Compliance

One of the biggest concerns for landlords, far and wide, is dealing with potential legal issues that arise and maintaining compliance with the law. As a landlord, it’s your responsibility to keep up with landlord-tenant laws, and continually adjust your policies and procedures to maintain compliance. The law is always changing, and keeping up with the federal, state, and city-specific regulations and requirements can be difficult. 

Areas such as the Fair Housing Act, making disclosures to tenants, and handling evictions and security deposits are just a few areas that are important to pay close attention to.

The good news, though, is that a reputable property manager is aware of the updates and changes, and should be able to oversee your property in a way that’s in compliance.

Want to know more about the potential hazards and liabilities you should avoid in the rental property business? Download our FREE guide on risk management for landlords.

5. They Can Handle Tenant Communication

Let’s face it: dealing with the day-to-day issues that arise with your rental is one of the least favorable aspects of being a landlord. Phone calls about overflowing toilets, A/C units going out in the middle of summer, and faulty appliances always seem to come through at a bad time.

With a property manager, you’ll be free from being on-call 24/7. They’ll handle the situations as they arise and keep you informed, and you can say goodbye to frantic searches for plumbers in the middle of the night.

6. They Can Nurture Good Tenant Relationships

Good communication and interpersonal skills are game-changing assets when you’re a landlord. But when you’ve got too much on your calendar, it’s hard to juggle landlord duties while also fostering meaningful connections with your tenants. Also, not everyone enjoys small talk or personal interactions, and that’s okay!

Good property managers can be the tenant relationship builders you need to keep your renters happy and (ideally) renting from you for longer. They will treat your tenants in a friendly, professional manner, and will be able to respond to tenant’s requests in a timely manner.

Read about the Different Communication Options for Landlords and Tenants

7. They Can Market Your Property

If you want to stand out and attract quality tenants, putting up a “for rent” sign on a property and calling it a day isn’t going to cut it anymore. The real estate industry is also rapidly keeping up with digital marketing trends. Rentals are being listed on various online platforms and promoted on social media. 

Today, there’s so much more that goes into marketing a rental property. Compelling property listings need to highlight your property’s unique features and have professional-quality photos or videos. Property managers can use their keen eye for detail and in-depth market knowledge to create listings that showcase your property effectively.

8. They Could Save You Money

Maximizing rental income isn’t always easy. Managing rental properties can quickly become a financial balancing act, with unexpected expenses lurking around every corner. With costs for maintenance, repairs, tenant turnover, and more, the financial burden can add up fast.

Fortunately, a good property manager can help. Sure, you’ll need to pay a fee for their services, but the value that an experienced property manager provides means this is one investment that could be worth making. They can leverage their industry connections, negotiate the best deals on maintenance and repair services, and help ensure you get top-notch quality without breaking the bank. But the savings don’t stop there. Experienced property managers are also masters of efficiency, and can help to streamline operations. They’re always thinking one step ahead, whether that’s by optimizing rental rates to reflect market demand or implementing cost-effective marketing strategies to attract long-term tenants. Plus the value that a property manager provides in terms of time-savings alone can make it a smart financial move.

9. They Can Handle Maintenance for You

From leaky faucets to overgrown lawns, it seems like there’s always something that needs fixing when you own a rental unit. But when you work with a property manager, they can handle maintenance issues before they drain your wallet.

A good property manager will be able to work with you to create a proactive maintenance schedule. If your property’s in top-notch condition, it’s more likely to attract reliable, long-term tenants who are willing to pay more for a well-maintained rental. And when a tenant leaves, property managers can ensure that everything is in order in the unit, and then prepare it for viewings. Maintaining the curb appeal of your property may not be a glamorous task, but neglecting those things can make or break a potential tenant’s impression of the home. When you’re working with pros, you won’t have to stress about property upkeep anymore.

10. They Can Help Scale Your Portfolio

Maybe you’ve been dreaming of creating a real estate empire with more units, but you find yourself bogged down by the nitty-gritty details of property management and can’t find the time or energy to take the next steps. Don’t let this hold you back! Property managers are your secret weapon in scaling your portfolio.

You can say goodbye to tedious tasks like maintenance requests and tenant communications, freeing up your time to focus on expanding your portfolio. And when it comes to managing multiple properties, a property manager’s organizational skills and attention to detail ensure that every aspect of your portfolio is running like a well-oiled machine.

Some property managers may also be able to help with the acquisition of new properties. They often have extensive networks of industry contacts and service providers, facilitating seamless transitions for new properties into your portfolio. 

At Renters Warehouse, our Portfolio Services Division specifically caters to the needs of larger investors, particularly ones who invest in multiple markets. We provide a national property management solution with a single point of contact, institutional level reporting, and standardized services, helping you to ease your operational burden.

11. They’ll Save You Time and Energy

Placing ads, corresponding with tenants, dealing with maintenance, and arranging for repairs all takes time, and lots of it. This, of course, is multiplied by the number of rentals that you have. With a property manager handling the day-to-day responsibilities of property management, you can reclaim precious time for yourself and your loved ones.

At the end of the day, hiring a property manager will reduce a great deal of the stress and headaches that traditionally come with being a landlord. And best of all, they can free you up so you can spend your time on other, more important things. You won’t have to worry about all the small tasks that add up and cost you in time and energy. Instead, you’ll be able to finally sit back and collect the rent every month. It really is that simple!

At Renters Warehouse, we understand that it’s not always smooth sailing with rentals, but our team of qualified Professional Landlords is happy to help. If you’d like to learn more, have a look at Why Should I Rent My Home? Or get your FREE rental price analysis, and see how much you could be getting for your rental.