Many landlords and rental property owners wonder whether it’s better to hire a property manager or take care of the property on their own. Today, we are explaining why you it’s better for you and your investment to hire a professional property manager.
If you’re an investor and a property owner and you already have rental properties, you know how much work it can be. A professional manager can save you time and resources by finding the right tenants, screening those tenants, making sure everything possible is being done with advertising to ensure the listing is getting out to the widest possible pool of potential tenants and keeping track of market rents in your area and for your particular property type. That is a lot of work in itself.
If there is a unit that turns over, you need carpet cleaners, painters, and other contractors to make the place ready for the market again. Property managers work with the best professionals in the business and you can benefit from the savings that come from our relationships with those vendors.
When a unit turns over, we systematically line up all the repairs and start marketing the unit immediately. We are often able to minimize a vacancy period to a matter of days, whereas most DIY owners/landlords take at least a month to fill a vacancy. Think about that: 1.5 months vacant / 12 months per year equates to lost revenue of 12.5% – that’s less than our management fees! Just by minimizing vacancy periods, our services more than pay for themselves.
The best part of having a property manager working on your behalf is that you get your time back. You don’t want to be called in the middle of the night or over the weekend for an emergency repair. If a hot water heater starts leaking or the air conditioning breaks down, your property manager will get that call and take care of the problem on your behalf. All you have to do is collect a rent check that we wire to you once a month. A good property manager will also provide a full financial statement, including invoices and receipts for every penny that’s been spent. Companies like ours are transparent and efficient. Your CPA will appreciate our reports!
Hiring a professional property manager will earn you extra income on your property. In the first year of operation, even after paying our management fee, our clients have seen their investment income go up an average of between 10 and 30 percent.
We always recommend that you use a professional company to manage your rental home. If you have any questions or you’d like to hear more about the services we provide, please contact us at MV Properties.