With the start to every new year comes the promise of New Year’s resolutions. One of the most common New Year’s resolutions is to make a smart financial investment. When looking to make a smart investment, a common place that people turn to is real estate – as it is a reliable and time-tested way to sustain a steady supplemental income.
Unfortunately, within a week or two of the new year rolling along, people typically lose momentum – and those pesky resolutions tend to slide down the priority list. To keep this from happening, real estate investors may want to consider the benefits of passing the torch to a property management company – in order to gain the most fruitful return on their investment. Some key benefits of hiring a property manager include:
Industry Know-How and Moxie
Although you may think you can pick-up and read all the books to prepare for being a property manager – there is a lot more that goes into it. Think experience, experience, and also experience.
Wouldn’t you prefer to have a person with deep rooted industry expertise and experience that understands the ins and outs of the real estate market?
Imagine you have a tenant that hasn’t paid their rent in months. Are you aware of the appropriate measures and paperwork that needs to be filed to effectively evict a tenant? Or perhaps a tenant wants to break their lease. Do you know the legalities that need to be met to prevent them from doing so? When you hire a well-versed property management group they relieve these burdens for you.
Another unpleasant function of a being a property manager is the hassle of collecting rent monthly. If you purchase a building with multiple tenants, it becomes increasingly difficult to keep track of who hasn’t paid their rent on time and the necessary steps that need to be taken in order to collect their rent. An experienced property management company ensures that rents are paid on time and you as the owner receive timely distributions.
The Gift of Time
When investing in rental properties, most people don’t realize that being a landlord can be a full time job.
To be an effective landlord requires one to be on call 24/7. Do you want to receive a phone call at 2:00 a.m. that someone’s toilet has overflowed and you are obligated to go repair it on the spot? Or perhaps a tenant has locked themselves out of their house while cooking and needs to be let in their apartment immediately – if not it puts the whole complex at risk of a fire. Although these situations may seem far-fetched or far and few between they do happen. That is why it is imperative to have a trusted individual available at all times to handle any problem that may arise.
Having a reliable property manager can put your mind at ease and allow you to focus on other important aspects of life – for some that may mean being able to spend more time with the family, and for others that may mean pursuing new hobbies. Whatever it may be, why take on unnecessary stress and further constraints on your precious time by managing your own rental properties? By partnering with a trusted property management company, you can have the best of both worlds – maintain a solid cash-flow on your investments, while not compromising your overall quality of life.
Relief of Every Day Stress
Property managers relieve the burdens of having to handle the daily operations of a real estate investment. One of the most stressful situations that can occur for a property owner is having unoccupied units. In short, vacancy costs money. An experienced and trusted property manager can minimize vacancy by executing effective marketing for all of your available units – they will know the right kind of advertisements to use in your listings, and where to run the listings to get the most reach.
If you go at it alone, trying to find the right tenant can become a time-consuming and drawn out process. There are many federal and state regulations that must be followed to ensure you are in full compliance, coupled with a lengthy screening process which can include a criminal background check, judgments, liens, bankruptcies, sex offender registry, terrorist activity, and running a credit check.
To get more information about the benefits of hiring a property manager for your rental property, please contact us here at Bay Property Management Group Philadelphia for further info. Thanks!