Most property managers take passion in your investment property, no matter how big or small. Property management has many benefits that can help owners make the most out of their rental properties and with the right property management team you can optimize return while just sitting back and reaping the benefits.
See below a few reasons why we believe it is easier to succeed with property management than what you might think:
- Property managers stay on top of the rental market- the market rent for properties is always changing. Therefore, it is important to keep rentals in line with the market rate to optimize return.
- Private landlords can be bias- when managing your own investment property your opinion on matters may be swayed for your best interest. Property management allows an outside opinion and a middle man that can ensure the best outcome for both the landlord and the tenant.
- Access to more tenanting resources- property managers deal with a lot of tenancy applications, this requires resources to help screen suitable tenants. These resources include credit and reference checking systems and discussions with other property managers about tenants to avoid. These resources are not always available to private landlords.
- Property managers hold more experience- if you’re a first time property investor learning as you go can be very costly. Not using reputable maintenance people, charging the wrong rent, choosing bad tenants, unaware of important legislation’s, these are all factors that could impact your return. Property managers deal with these factors daily and know what to do to avoid or prevent any unnecessary misfortune.
- Property management takes time- when it comes to rentals, time is money. There is a lot involved with managing a property such as monitoring rent payments, communicating with tenants, inspections, finding new tenants etc. If you have other full-time commitments it could be difficult to put the time needed into your investments.
Managing your investment property may seem like the easier option but without full-time attention, preserving the property can be very difficult. If you’re leaning towards hiring a property manager, feel free to get in touch and we can chat about your place!