Hiring a real estate manager can be the key to unlocking your investment of rental properties. While managing one or two properties isn’t too time consuming, when you have a portfolio of five or more properties, managing your time becomes extremely crucial.
If you’re having a difficult time balancing your family’s needs along with your investment properties, it may be time to consider hiring a real estate manager, so they can handle the day-to-day mundane tasks, when you just don’t have time. By hiring a real estate manager, you’re not only unlocking the potential behind your properties; you’re also benefiting from the following:
* Raking in More Money through Accurate and Thorough Market Research
Chances are if you’re just starting out as a new landlord you have no idea what you should be charging per month for rent, or even how much the deposit should be. Regardless of how many landlord books you read many of them never really touch on guidance on how much you should charge. Instead, you’ll have to rely heavily on Market Research.
During the market research process, you will quickly learn what the average price of rent is for certain properties in your area. For instance, a two-bedroom, one-bath may command a $700 monthly rent, while in more populous areas, rent can quickly jump well past $900 for the same property.
Prices vary depending on the property itself, its featured amenities, as well as its location. Researching this info can become time-consuming, especially if you have a portfolio of over five properties to manage, and you’re continuing to add to it. A property manager, if hired, can make the process painless by researching or conducting the market research for you.
* Help You Collect Payments on Time
Maybe you enjoy traveling a lot, or you simply just don’t enjoy having to knock on people’s doors to collect the rent. No problem. A property manager can handle the task easily.
* Get Your Rentals In Front Of Fresh Eyes
You may be content by placing your property on the local classifieds or even Craigslist, but a property manager will have some tricks up their sleeves to make sure that your property receives the most exposure as possible.
* Maintain Compliance with Regulations
Ensuring that each and every single property of yours is up to compliance with the legal system as well as the local regulations can also be a time-consuming, mind-numbing process; but with a property manager, they can take care of the process, so you can spend your time on more interesting things.
* Help You Funnel Out the Bad Tenants from the Good
A property manager can help you alleviate some of the headaches with tenants, or even avoid the headaches all together. While it’s not a completely foolproof system, most property managers will screen out potential tenants using a credit rating system and by calling and verifying with previous landlords, to ensure that the tenant paid on time, and was a respectful and quiet tenant. If neglected, and if you allow just anyone to move into your investments, the problems that occur are nothing short of a nightmare. Don’t do that to yourself; hire qualified help.
A real estate manager can help you unlock extra time that you didn’t think you had, by taking on the burden of managing your properties for you. If you’re interested in hiring the services Vivian Crettol Property Management Services, please don’t hesitate to contact us today to learn why we are your one stop source for your property management needs. Thank you!