Friday, May 18, 2018
Are You a Real Estate Investor? 9 Ways a Property Manager Will Benefit You
Do you fear that you’ll have a problem tenant that you won’t know how to evict? Do you dream of having someone else take care of all the property repairs for you? Or maybe you’re losing sleep worrying that your tenants are falling into arrears? If you answered yes to any of these, you might want to consider having someone else handle all the details for you. That’s where a property manager comes into play. For a fixed monthly rate, they keep your business in order and handle all the areas that you don’t enjoy or excel at. Let us show you how a property manager will benefit you and your rental property.
Having an empty rental means you are losing money every day. If you don’t have the time or knowledge to effectively market your property, not only will you suffer lost revenue, but you may also miss out on finding the right tenants, too. Don’t underestimate how much work it takes to find a suitable tenant. First, you need to clean and stage the property, take pictures, create ads, and market the property. Then you need to communicate with potential renters, show the property, and collect all their documentation for vetting. It’s also wise to follow up with their previous landlords and do the appropriate background checks. If this all checks out, then you can start to move them in, but if not, then you’re back to the drawing board! A property management company knows the difference between a great tenant and a problem tenant and how to attract the best ones to your living space.
Overseeing Repairs and Maintenance
Addressing maintenance requests and handling repairs takes extensive time and effort. Even if you are handy, many repairs or emergencies may need to be contracted out. Between assessing the issue, finding service providers, getting quotes, and overseeing their work – it can take days if not weeks to complete. If you’re not much of a handyman, then it can be even more beneficial hiring a property manager, as they take care of any repairs and maintenance responsibilities (both regularly scheduled and immediate needs). Not only will they have a number of dependable staff on hand, but they will have quality assurance measures in place to ensure the work being completed is done right the first time.
Landlord and tenant laws can be tough to understand – not only are they complicated (as all laws are), but there are loads of them you’ll need to know well. Having to keep up to date with these can cause stress and annoyances that you won’t want to deal with. That’s why it’s wise to hire a property manager who knows the legal rules and regulations and has the experience and resources to navigate legal problems if they arise.
People often miscalculate how much time it takes to keep a building and property grounds in order. For most rentals, landlords are responsible for putting out the waste, maintaining the landscaping, window cleaning, snow removal in the wintertime, and keeping the entranceways clear and safe. Save yourself the trouble and hire a property manager who can take care of all the property upkeep day in and day out.
It can be a hassle chasing after tenants for their monthly rent, especially if you don’t live close to your rental property or if you travel often. If your tenant isn’t set up on automatic deposits or if a cheque bounces, you could spend countless hours trying to communicate and track them down for payment. Not only is this an uncomfortable task, but it’s also an aggravating waste of your time. Leave it the pros who have a system in place to automate rent collection and know how to handle delinquent tenants the right way and serve the proper legal forms when necessary.
Record Handling & Taxes
Doing taxes for your rental is time-consuming. If you’re not efficient at organizing your receipts, you could end up making costly errors or missing out on the available tax refunds. When you hire a property manager, you get peace of mind come tax time, as they will step in and keep all the records in order for you.
Paying the Utility Bills
Property management companies ensure the tenant is responsible for paying the correct utilities and have made the necessary arrangements to have billing switched into their names. For those utilities paid by you, the landlord, the monthly accounting still needs to processed. Save yourself the stress of bill payments by hiring a property manager who will take care of it while also keeping a nice, clean record for tax time.
If you tend to avoid conflict at all costs, running a rental property is likely to cause you a lot of grief. Difficult conversations are going to arise at some point, and having a property manager who knows how to diffuse intense situations and deal with difficult people, can be a great help.
Could you leave work at the drop of a hat if your tenant called about a broken pipe or lost their key? If you can’t be on call 24-7 to fix emergency situations with your tenants, then it’s best to hire someone who can.
MOST IMPORTANT – They Protect Your Investment
Your rental property is a significant investment. A knowledgeable property management firm will ensure your property generates top rent, is repaired and renovated to attract the best tenants and continues to appreciate in value. They can also be a valuable resource when you are looking to add to your real estate portfolio or to sell.
Save yourself the time and effort, and have a property management company do everything for you! When you’re ready to make the move from self-management to hiring a professional, contact us at Sleepwell Property Management.