Residential property management is certainly popular among people around the world. In fact, statistics show that over 10 million people are real estate investors that own more than one property. Many who own properties work with a property management company to make things much easier than normal. It’s understandable to wonder if it’s worth hiring a property manager or not. Considering that, here are five hassles you’ll be dealing with while managing properties on your own.
- Valuing Potential Properties
If you’re looking to grow your real estate investment portfolio effectively, it’s important to have accurate appraisals. Not knowing how much a property is worth could leave you spending far too much money on these homes. With that in mind, a property manager can assist you in determining fair and accurate prices in regards to houses. In turn, having accurate values in mind will help ensure you are setting reasonable rent prices for you and any potential tenants.
- Ensuring Properties are Properly Maintained
Those who live in rental properties typically notify a landlord when problems arise within their homes. It’s understandable that you might not have the time to handle calls pertaining to property maintenance. Many property owners feel that having a property manager on their side is vital, especially when it comes to handling repairs. A property manager regularly works with maintenance companies to ensure that all repairs are handled in a timely and efficient manner. In addition, keeping properties maintained ensures that residents remain satisfied.
- Advertising Vacant Properties
Finding someone to manage your rental home is especially important when a vacancy arises. It can take a lot of time to ensure that vacant properties are marketed properly. Failure to effectively market a vacant property could lead to these homes being empty for quite some time. As any property manager knows, not having tenants means potentially losing out on quite a bit of ROI in regards to your property investments. Information gathered from a recent Better Homes and Gardens Real Estate survey found that 94% of investors are interested in further real estate investment opportunities. However, it’s nearly impossible to grow your investment portfolio without a property manager effectively helping you market any and all vacancies.
- Choosing the Right Tenants
Statistics show that 3% of adults in the United States consider themselves to be investors in the world of real estate and are planning to purchase additional properties within the next year. Considering that, a major part of effectively managing houses for rent is finding the right tenants. Having the wrong kind of tenants move into one of your properties will create nothing but headaches for a landlord. It’s understandable to not be aware of how to properly screen candidates. With that in mind, property managers tend to have a lot of experiences regarding tenant screening. If you’ve got a property manager on your side, finding the right tenants for your houses becomes much easier than normal.
- Assistance Regarding Legal Matters
In certain situations, a time could arise where you and a tenant cannot come to an agreement. Those managing houses for rent often need a helping hand when it comes to landlord and tenant issues. With that in mind, a property manager is incredibly valuable to have on your side. These managers often have legal knowledge in regards to property management that help ensure landlords are represented in a court of law. In addition, property managers have vast amounts of property knowledge that can greatly reduce the chances of any disagreements going to the courtroom.
To summarize, there are many hassles a landlord maintaining houses for rent will face without finding a property management company to work with. Property managers can help you accurately value properties, ensuring you’re able to come up with fair market prices. Those living in houses for rent typically call upon the landlord when repairs to their homes are needed. Considering that, a property manager can take care of maintenance concerns which gives you more time for other matters. Property managers will help ensure any vacancies are quickly filled by quality tenants. Lastly, a property manager will offer valuable assistance should any disagreements potentially turn into legal matters.