Owning property can be a goldmine, but it can also be a hassle, especially for anyone with obligations exceeding duties as a landlord. And when you add multiple properties into the mix, maintaining an accurate gauge on rent payments, late fees, complaints, repairs, new tenant prep and more can get very sticky, very quick, even for the most veteran of landlords. To help, I’ve summarized a few reasons why it might be wise for landlords to look into locating a good property manager to mitigate the responsibilities of leasing property.
You will free up time
As a manager and founder of PANA rentals, I regularly oversee anywhere from 50 to 100 properties, many of which are low income or student housing. I’ve often heard firsthand from clients regarding the burdens on time and freedom that accompany being a landlord. I’ve heard clients tell of their responsibility for older relatives, or children who constantly need care; sometimes these clients are simply unable to work in the additional hours which being a landlord demands. We are living, thinking, caring people, and precious little is as valuable as our time.
Anyone can dream of reaping maximum benefits with minimum time constraint. Purchasing and leasing real estate is one of the most efficient methods of achieving some financial breathing room, provided you find yourself a decent property manager to clear the air of unnecessary hindrances on your time and peace of mind.
You will get more/better tenants
Good property managers know how to draw interest through marketing campaigns using all available resources, techniques and industry connections, strategies which generate a larger, healthier prospective tenant base. Highly developed screening processes also allow property managers to choose tenants who possess qualities which the landlord feels are ideal, such as keeping noise down at night, or being employed. Property managers also provide a barrier of professionalism by handling tenant interaction, which separates landlords from the painful and difficult decisions that can occasionally spring from becoming too personally involved in tenants’ lives.
You won’t have to worry about constantly traveling to and from properties
Whether due to damage, decay or negligence, issues with property are a given for owners, and being a landlord without a manager means you’ll have to be present whenever a problem needs solving. Living within feasible driving range becomes a necessity, unless, of course, you hire a property manager to act in your stead.
You can make money regardless of whether you have previous property management experience
There is no limit or minimum amount of control that must be ceded to a property manager. Both longtime landlords and novice property owners are able to maintain a level of involvement in the management process completely suited to their personal preference, meaning anyone can profit, no matter their current experience level.