Benefits of Hiring a Good Property Manager
In a previous blog, we outlined the process of acquiring wealth through investing in multi-family units. There are distinct benefits to owning a multi-family property, but the prospect can seem very overwhelming. We cited hiring a property manager as one solution to the stress of owning a multi-family unit, and we wanted to expand on this point.
When you have a good property manager, they take care of a huge portion of the responsibility. You can focus your energy and resources on real estate financing rather than worrying about daily operations.
As you decide whether to invest in a real estate property or if you want to restructure an investment you already have, consider the advantages to hiring a good property manager.
Responsibilities of a Property Manager
When you hire a property manager, they take over the lion’s share of day-to-day responsibilities. If you live far away from your property or just don’t have the time to deal with daily operations, a property manager is your best bet.
For many deciding on real estate financing endeavors, the anxiety of not finding tenants is enough to deter investing in a multi- or single-family home.
However, when you hire a property manager, they absorb this responsibility. They have to advertise your property, maintain it so that it is attractive to tenants, and ultimately find individuals who will be good renters.
As the owner, you can of course set stringent guidelines as to who can rent your property and even help the property manager to craft an application. Ultimately, though, you don’t need to worry about any potential tenant interviews, giving them tours of the property, or filling vacancies when the lease turns over.
Collecting rent is another responsibility that property managers take on. These days, collecting rent is easier than ever. You and your property manager can decide to collect rent via Venmo, PayPal, or any other online platform. You could also require checks on a certain day of the month, or that your tenants deposit a check to a certain credit union or bank.
No matter how you choose to collect rent, it’s your property manager who actually has to do it. This means you have a steady stream of income from this real estate investment, and you don’t have to do much of the leg-work to get it.
Maintaining the Property
Perhaps the single most important function of a property manager involves property maintenance. If you live in a different area from your investment property, having someone to maintain it is practically a non-negotiable.
Your property manager is responsible for emergency and routine maintenance, aesthetic upkeep, and coordinating whatever else your property might need. Additionally, if your property falls under HOA guidelines, has parking restrictions, or has any other rules governing it, your property manager can ensure that tenants are following these rules.
Keeping Tenants Accountable
Your property manager is responsible for finding tenants, and it behooves them to find good ones. If there is ever a noise complaint, violation of the lease, or any other undesirable circumstances, your property manager has the right to check in on the property and ensure tenants are following all clauses of the lease.
Affordability of a Property Manager
In addition to taking care of your real estate investment, property managers also make economic sense. Indeed, because property managers usually receive a percent of the property’s monthly income, they are incentivized to keep vacancy rates low and property value high. It’s a symbiotic relationship for both you and them, so you typically don’t need to worry about motivating a property manager to do a good job.
If you want a way to make your real estate financing and investment pay off, hiring a property manager is one of the best solutions.
Laura Alamery Real Estate Investment Coaching
For other real estate investing strategies, including how to secure real estate financing, schedule a call with Laura Alamery today.
With over 30 years of experience and the distinction of Top Rated National® real estate mentor, Laura can work with you to create and enact a business plan for your real estate investments.
Benefit from the expertise of a real estate investing coach today. Contact Laura Alamery!