Investing in real estate is a big move. You have to take a big financial loss in the beginning in hopes of making some money off of renting, and eventually, selling your property. A lot of things can go wrong. You could be unable to find enough renters to cover your mortgage, you could have a large amount of damage occur that is not covered by insurance, or the real estate market could collapse, making the value of your property drop. Most people who invest in real estate hope to keep the property as a passive income maker. To keep yourself from working hard and stressing over your new property investment, you need to hire a property manager. Sure, hiring a property manager means that you are putting a little more money into your new venture, but in the end it is worth it. To prove to you how important having someone manage your property is, we spoke with real property managers to learn five ways these professionals can help you.
1. They use research to set the price for your rental units
One of the biggest advantages of having a real property manager is that you will have a price for your rental units that is based on research. You might be able to figure out a rental price on your own by looking at other rentals close by, but a property manager will be more accurate in setting the best price to maximize profits.
2. They help find good tenants for your rentals
Searching for tenants involves a lot of work. You have to promote the property to people looking for a place to live, you have to run background checks to make sure a tenant is going to pay on time, and you might want to do interviews to see if tenants are a good fit for your community. Save yourself a lot of time with a property manager.
3. They work with contractors to make sure things are fixed quickly and properly
Repairmen, landscapers, pool cleaners, pest control experts… these are only some of the contractors that you need to work with to make sure that your real estate investment is a good place for tenants to live. Working with contractors is not most peoples’ idea of fun. Leave the work to your property manager so you can focus on your day job and your family.
4. They use industry connections to get good deals on various services
Because you do not work with a lot of contractors on a regular basis, you are probably not familiar with the large companies that handle all of these services. A property manager has the advantage of connections he or she has made over the years. Through these connections, she can get a good deal for all of your property’s service needs. Additionally, a company will be more likely to show up for her in the case of an emergency.
5. They will handle any complaints from tenants
Listening to the complaints of tenants is the last thing that you want to do after an 8-hour day of work, and unless you have a really strong customer service background, you may not be the best at resolving the issues. Leave this horrible task to your property manager so you can relax after work.
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