Owning a rental property lets you reap certain benefits like rental income and capital growth. And while managing the property on your own can give you fulfillment and financial rewards, it can also cost you your time and energy.
It’s for this reason that many real estate investors look to partner with property management firms. Keep reading to learn about why this is a great option!
Responsibilities of a Landlord
As a landlord, your time and attention are required when overseeing the daily operations of your rental properties. For starters, you need to advertise your property consistently to gain the attention of prospective tenants. When inquiries pour in you are able to reduce your vacancy rates.
During turnover gaps, it’s you must take on the tenant screening process. It’s an important step that is usually overlooked by property owners and has been proven to be a time-consuming process. You must do rental history checks and run credit reports. Screen your potential tenants properly and choose the perfect candidate to sign the lease.
Once they’re living in your rental, you fulfill all your other responsibilities as the property owner, while simultaneously dealing with the tenant’s concerns. Tenant communication alone will require your undivided attention, but knowing how to address their concerns can help keep them long-term.
These are just some of the common responsibilities of a landlord. This can consume too much of your time that could have been better spent on your other equally-important projects or family activities.
The Benefits of Hiring a Property Management Company
If you want to get the best ROI on your investment, but you don’t have enough time to fulfill the demands of managing your tenants and other issues that may come up during their stay, hiring a property manager is the best way to go.
Hiring a property manager can relieve you of your landlord duties and free up your time for other business and personal endeavors. These companies have proven track records and have already dealt with any possible property management issues.
The following are some of the services that you could benefit from when your partner with a property management company:
Tenant Communication and Maintenance Requests
Your rental property can only give you a passive income if your units are occupied. That’s why a significant part of a property manager’s job revolves around managing relationships with tenants.
Focusing on your tenants’ comfort is one of their tasks as a property manager. One of the most common tenant interactions they’ll face comes in the form of tending to maintenance requests. These can include any of the following:
- Damaged sockets
- Burnt-out electrical outlets
- Lawn maintenance
- Loose cabinet hinges
- Plumbing issues
- Broken appliances
While maintenance can be easily addressed by sending a contractor, addressing a renter’s complaint and keeping them informed of the resolutions is a different story altogether. These complaints may cause conflict between you and your tenant so letting a property manager deal with them can take this burden off your shoulders.
A property manager will communicate with your tenants, analyze the situation, and schedule the right contractors to take care of any maintenance issues or requests. Being responsive and attentive to their feedback will reflect positively on your rental business through word of mouth or tenant reviews so it’s best to leave this to the experts.
Collect Rent from Tenants
Emergencies and other urgent situations can affect your tenant’s ability to pay on time or just miss paying it altogether. When you hire a property manager, it’s their responsibility to address this directly.
Rent collection is one of the things property managers will take off your plate. They will take care of chasing down late payments, deal with difficult tenants, and would be prepared to initiate the eviction process should it ever come to that. With years of experience, they know the landlord-tenant law by heart and will ensure that you receive rental payments promptly.
Advertise Your Rental
Whether it’s to shorten turnover periods or entice interested renters to stay at your newly-remodeled apartment building, property managers can advertise your property effectively. They have extensive knowledge of marketing rental properties as well as choosing the perfect tenant for you and your property.
They will take care of staging your space, scheduling photoshoots, and creating listings. They will take care of reaching out to prospective renters and meaningfully engaging with potential tenants. They will upload your listings, monitor them, and be readily available to answer any questions about the rental.
Maintain and Update Financial Records
In any business, the only way to know if it’s profitable is by keeping track of your cash flow and expenses. Keeping records of all processes relating to your property’s expenses and income can help you when it’s time to reap your tax benefits or expand your investment portfolio.
It’s crucial that you know where your money is going. Whether your financial transactions are done online or offline, they must be recorded so you can see how your business is performing and calculate your return on investment. Property managers also offer data entry or basic bookkeeping services and this could mean one less task on your to-do list, especially during tax season.
Bottom Line
Working with a property management company is a great investment especially when you consider how valuable your time and energy are. When you have a professional property manager overseeing the daily operations of your investment properties, you’re free to spend more time on your other projects.
If you feel the daily responsibilities of being a landlord weighing on you, contact Keyrenter Property Management New England today! We will take care of everything from advertising your property to tenant management so that you can get the best ROI on your investment.