For busy home owners or landlords, staying on top of everything can be a challenge. In addition to having to deal with current tenants, ongoing building maintenance, and emergency repairs, you also have to worry about getting the word out regarding vacancies, screening applicants/possible tenants, and keeping up with ever-changing property regulations. This is where hiring an experienced and reputable property manager can really make a difference. Depending on the number of properties and units you have, hiring an experienced and knowledgeable property manager can streamline the process and free up much of your valuable time.
Simplified Tenant Interaction
One of the most beneficial aspects of hiring a property manager is having a dedicated point of contact for your tenants. An established property management company will have qualified staff in place to take incoming applicant and tenant calls, answer questions, handle complaints, and schedule repairs. If you own multiple properties or your property is comprised of a large number of units, you may find yourself on-call all day, every day, if you don’t have a property manager to oversee everything for you. With a property manager, you can have peace of mind knowing that there is always somebody there for your tenants without having to make yourself personally available at all times.
Collecting rent is another important piece of the tenant puzzle that is often the least favorite for many property owners. Ensuring timely rent payment collection is crucial to maintaining your property and securing the value of your investment. However, oftentimes it can get messy when dealing directly with tenants who are unable to make their rent payments on time. By hiring a property manager, you take yourself out of the equation and hand the responsibility over to the management professionals. This extends to situations in which tenants have reached a point where eviction is the only option. Simply put, a property manager will handle the rent process from beginning to end, including implementing late fees and other consequences for tenants who fail to pay rent on time or even at all.
The amount of time and energy it takes to find good quality tenants can be incredibly demanding. Every property owner appreciates tenants who consistently pay rent on time, rent for longer periods of time, and don’t put heavy wear and tear on the rental property. A property manager will expertly advertise your open listings to fill the vacancies quickly and with tenants that fit your specific preferences. Property management companies also have an understanding of the local real estate market and know the best strategies to identify and target the ideal renter for that region. This particularly comes in handy if you do not live in the same area where your property is located.
Once the applications come in, a property manager will also be responsible for the screening process, weeding out those who don’t qualify and bringing in the best candidates who do. This involves verification of employment, previous rental history, pulling a credit report, and conducting a thorough background check. If there are any inconsistencies, you can choose to have your property manager present the full application to you so you can make the final decisions.
Maintenance and Repairs
An involved property manager will conduct regular inspections of your property and suggest improvements before they become a noticeable problem for tenants. Aesthetic repairs may seem somewhat inconsequential, but staying one step ahead with cosmetic improvements will help your tenants see value in the money they spend on rent and ultimately will help improve tenant retention. Additionally, having a reputation that these improvements are made quickly and regularly is an incredible draw for potential future renters.
Property managers will also advise on more serious repairs if any issues come up while doing regularly scheduled preventative maintenance. By tackling problems early and using professionals within the property manager’s licensed and insured network of contractors, you can be sure you’re getting quality repairs for a good price. Property management companies also have experienced in-house maintenance staff to handle the regular routine repairs that come along with any property. They will almost always have somebody available at any time for emergency repairs that need immediate attention as well.
Personal Advantages to Owners
Many landlords try to avoid the cost of hiring a property manager by attempting to do everything themselves. Although this may make sense for some smaller properties or owners who have a lot of free time, landlords who have multiple properties and a substantial amount of tenants can find themselves overwhelmed. There comes a point, from a business perspective, where this approach is no longer sustainable. There’s only so much one person can do and being stretched too thin can lead to important things slipping through the cracks. Landlords could fall behind on collecting rent, put themselves at risk of not having accounting information up to date, miss essential repairs, or become subject to other major occurrences that could regrettably have an effect on their bottom line.
The stress and risk a property owner faces when deciding to “go it alone” can far outweigh the cost of bringing in a property management company. A property manager will professionally maintain every aspect of your property, freeing up your valuable personal time. Not being tied down to the property can open up opportunities for personal growth or other business ventures as well. Owners are also able to travel and be away from the property for extended periods of time with a trusted property manager watching over things. Reduced stress and increased free time are some of the many reasons most home owners see the value and opt to hire a property manager when renting their properties.
Although hiring a property manager can be advantageous in many ways, not all property management companies are created equal. Black & Cherry is a professional property management company in Las Vegas specializing in a full range of services offered to owners of residential properties including houses, condos, and apartment buildings. With a full staff and years of experience in Southern Nevada real estate, the Black & Cherry property management team members are ready to maximize your rental income and minimize property expenses through progressive marketing, streamlining repairs, professional accounting services, and aggressive listing exposure.