Many first-time real estate investors scorn the idea of hiring a property manager. The idea of paying someone to collect rent is repugnant to them.
However, like the all the best partnerships, a real estate property manager does far more than simply collect rent checks.
In the first place, property managers often oversee dozens of properties. This not only makes then experienced and knowledgeable, it gives them a certain ability to leverage market forces. Property management companies often have standing contracts with advertisers, enabling their opening advertisements further reach at lower cost.
Similarly, these same economies of scale apply to relationships with maintenance companies, tradespeople, trash collection, security, and landscaping companies. These long-standing relationships not only enable better prices, but also often quicker response time and higher levels of service.
Hiring a real estate property manager also means that you will never get a phone call in the middle of the night because a water line broke or a tenant set fire to the microwave. A property manager will put you in the loop if repairs or maintenance costs will exceed a certain dollar value, but otherwise, the property manager’s role is to manage your properties in such a way as to trouble you the least.
Property managers not only save you money on day-to-day repairs, they also save you money in other ways. The fastest way to lose money is to have a property that is not rented. Property managers have an extensive vetting process to find you only the highest quality tenants. Without running afoul of Fair Housing regulations, an experienced property manager knows just how to assess whether clients will be timely, conscientious, and hopefully settled so that you don’t have to replace them every year or two.
Finally, a property manager takes care of all the paperwork and finances on your behalf. They keep the property owner in the loop, but handle the day-to-day matters with the utmost professionalism. If you’d like to hire a real estate property manager, look no further than Real Property Management. Call today for a free consultation.