Ways A Property Manager Can Save You Money
Posted on: 16 February 2017
Whether you have several rentals or just one or two, making sure they remain profitable is one of your primary concerns. A property manager can help you improve your profits while minimizing the hands-on work you have to do in servicing the properties. The following are just a few ways a property manager can help.
Decreased vacancies
A skilled property manager maintains a pool of prospective tenants, which means as soon as a vacancy is announced at your property, they can begin the process of getting a new renter in. Most owner-managers don't have that luxury, so it can take weeks to list the property and then find a new tenant. An empty property costs money, so this is one of the most important ways a property manager can save you cash.
Better vetting
Property managers have a lot of experience when it comes to vetting prospective tenants. They will make sure appropriate credit and background checks are run, as well as thoroughly checking out references. Since this is their primary job, the manager has plenty of time to make sure that each tenant is thoroughly checked out before a lease is signed.
Improved upkeep
As an owner, it can be difficult to ensure your properties are kept in top condition. Not only do you have to fit property visits into your packed schedule, but it can be costly to contract out maintenance and landscaping care if you don't have the time to do it yourself. Property managers either have their own maintenance crews or they have a lower bid price with contractors. Since a manager or management firm services many properties, not just yours, these costs are lower because they are spread across several properties.
Stricter tenant management
A property manager is often stricter than an owner when it comes to rent collection policies, which means the rent is more likely to be paid on time or with the required fees if it is late. They are also less likely to renew a lease with a tenant that has a history of late payments. These tasks can be uncomfortable and difficult for you to do, but they are all in a day's work for your property manager.
Fewer loopholes
If you are like many landlords, you may simply pull your lease off the internet. A property manager will have a lease drawn up by a lawyer that has fewer loopholes in it for a tenant to exploit compared to a generic internet version. Once again, the cost to you is negligible due to the volume of properties that absorb the legal fees. These legal services are also invaluable in the event of a lawsuit or eviction.
As you can see, a property manager can easily earn back their fee and more. Contact a local property management firm to find out more.
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