The American Dream means different things to different people. But most people would list homeownership among the accomplishments of this group of big achievers. Some go the extra mile, however, by purchasing one or more investment properties to generate additional wealth.
But while there are many advantages to owning real estate, it’s not easy being a landlord. That’s why many rental property owners hire property managers. It’s not about handing over control and being absentee owners — it’s about getting a much-needed helping hand.
You need the right help if the goal is to enjoy passive income from your tenants. And that income will only be truly passive if you have help taking care of your tenants and collecting rent.
Here are three reasons to hire a property management firm if you own a rental property with tenants.
1. You Need the Right Tenants
Finding tenants isn’t that difficult. But it takes time and effort to find good ones. While there’s nothing you can do to guarantee tenants won’t cause problems, there are things you can do to increase the odds of getting good tenants who pay rent and care for your property. That’s one reason to hire a property manager to screen applicants and find the best candidates.
Finding good tenants isn’t a matter of luck. There’s a science to it. A property management firm has processes that involve checking employment history, landlord history, income, credit history, and more to find tenants you’ll want to stick around for the long term.
2. You Need to Meet Tenants’ Needs
It’ll take time and effort to find good tenants — the type of people you hope will renew leases and stick around. But after finding them, you must work hard to keep them. That can be difficult if you’re already stretched too thin with work, family, and other responsibilities.
You may also not want to be a hands-on landlord. But here’s the thing. There’s no excuse for not providing great customer service to your tenants. Your hectic schedule is no reason for them to expect anything but the best, so falling short will make it harder to retain good tenants. If they don’t feel appreciated or don’t like how the property is maintained, they will bolt when they can.
A property manager will offer customer service so your tenants get the care they deserve. Your tenants can call the property manager with concerns, questions, or comments. So, instead of having to answer the phone day and night to deal with tenants, you can outsource that critical duty to a property management firm experienced in helping tenants.
3. You Need to Maintain Your Rental Property
Another reason you need a property manager if you have tenants is to maintain your investment property. Again, bringing a landlord isn’t every property owner’s cup of tea. You might thrive at burning both ends of the candle. But most people will benefit from getting some help.
A property management firm will help by setting up a maintenance schedule and ensuring the necessary work gets done. Regular or seasonal maintenance will protect your investment and reduce the need for costly repairs. So, hiring a property manager for a relatively small percentage of monthly rental income is a worthwhile investment in your rental property.
Whether you have tenants or are looking for some, a property manager can make your life easier. Ensure you find a service provider near your rental property. When you find and hire the right one, you’ll have help maximizing your real estate investment. A property manager will manage your real estate so you can have a life and do other things.
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