Property managers are often overlooked when it comes to reasonable business expenses: and it’s because many landlords overlook the value that comes with paying for these services. Hiring a property manager isn’t throwing money away, and it’s not a waste: in fact, there’s a chance it could help save money and increase your income if you pick the right one.
Here’s what every landlord should know about property managers and why they’re a necessity to any rental business.
What Does A Property Manager Do?
Property managers are there to do the duties that would usually fall on the landlord’s shoulders: but don’t have to anymore. These managers complete everything from finding new tenants to ensuring the property is well maintained and that the rent is paid. Because these are all things a landlord would typically do if they were renting out a single space, many assume that it’s cheaper to do it themselves.
That’s not always the case! There are a lot of ways these managers can benefit those they work for.
How They Can Save You Time
The adage that ‘time is money’ may be old, but there’s nothing out of style about ensuring that you can increase your profits. If, as a landlord, you’re spending all of your time chasing rent checks, following up on properties, and finding tenants: you’re losing the money you could be investing in another part of your life.
This wasted time could be better spent finding another property to rent out or looking into other investment ventures that can bring back a lot of money. In saving you time, they’re giving you the freedom to do whatever else you need to do.
How They Can Protect You From Lawsuits
Hiring a well-trained and educated property manager ensures that you’ll be as safe as possible from lawsuits. This doesn’t mean that a stray one won’t appear here or there, rather that they’ll have a lot less ground to stand on. In addition, a good property manager will know how to handle tenants and what local laws they need to follow to ensure your company doesn’t have to pay out a shady renter who thought they could get a quick buck from poorly installed clutter mailboxes and took it.
They can also protect you from lawsuits regarding hiring practices for property maintenance, repair work, and safety regulations. The amount of money you can save from missed cases could pay for the manager on its own.
The Ways They’ll Ensure Your Tenants Are Well Chosen
A fantastic property manager will know how to pick the tenants that you rent to. They’ll be able to go over work history, call the references, and put in the footwork to ensure that nothing would make them think this renter will try to drop the lease or refuse to pay. Although there’s no true way to tell whether a renter will have a bad day and decide to stop paying rent, they can help make sure that this happens far less to your company.
What They Can Do To Keep An Eye On Operations
The best thing about a property manager is that you never have to go out to the property if you don’t want to. These professionals understand whatever you ask of them, and work hard to ensure the property is well maintained and goes off without a hitch. The ideal landlord relationship is one where you don’t have to talk to the renters or be around them, in case they blame their financial issues on you, so having a property manager can save you a lot of trouble.
This means you can rent out properties and be in completely different states without worrying about how the property is doing.
How They Can Save You Money Directly
These all may have seemed abstract: but a good property manager can also save you money in more immediate ways! By having access to discounts and deals within the market by getting to know roof repair contractors and their companies: they can pass these discounts on to you. You’ll get to save money on new construction, repairs, curb appeal, and lawn care, without ever having to talk to these companies. It’s a great deal and a lot of money and time you can save without having to put in too much of an investment.
Property Managers Are A Landlord’s Best Kept Secret
If you haven’t realized it yet: property managers can help any landlord save money. Whether you’re renting new properties out of state, or you’ve decided to start being more hands-off with being a landlord and focus on other investments: there’s nothing as useful as a good property manager.
Choose one carefully, and you’ll have the best tool in any landlord’s arsenal.
Have questions? Ready to partner with 1836 Property Management for your Austin, Texas rental? Get in touch with us! We look forward to assisting you reach your financial goals with real estate investing.
By: Kayla Gonzales, 1836PM Marketing Manager