Managing a rental property is a huge task. It’s not everyone’s cup of tea, which is why others hire a property manager to do the work for them.
Whether you’re running a commercial unit or a residential space, a property manager will look after your property so you can enjoy all the benefits of having a rental property without any of the hassles. And if that isn’t enough reason to make you hire a property manager, these five reasons will surely compel you.
- They are responsible for rent management
Property managers are there to collect rent as well as set the best rent price. For collecting rent, managers have an efficient system that ensures on-time payments and enforces penalties for late fees.
When it comes to setting a rent price, a property manager will do an extensive research of the local market and compare similar properties. They know how much to price the rent so it attracts tenants while still giving you a sizable profit.
Knowing the right time to increase or decrease rent is also a big part of a property manager’s job. After every year, they’ll look into the local market trends and see if the increase or decrease will benefit your end goal.
- They manage tenants
Property managers take care of the tedious process of screening potential tenants. They’ll run the background checks, credit checks, and the like to ensure a potential tenant can pay rent on time and won’t be a nuisance to other tenants. This will also help decrease frequent tenant turnover.
You can also entrust a property manager to handle the lease agreement, which include lease terms, owner protection clauses, and security deposit amount.
- They can market your property
Advertising your property is one of the best ways to get tenants. A property manager knows what features you should highlight and where to advertise so you can get maximum exposure. Having a great marketing strategy can really make your property stand out from others like it.
- They take care of the maintenance and repairs
Property managers are there to make sure your rental units are in the best condition. Often, they have a network of reliable plumbers, carpenters, and electricians on speed dial to contact whenever there’s an emergency.
Whether it’s shoveling snow, repairing a broken sink or fixing a broken furnace, they will take care of it so your tenants can have a safe and clean environment.
- They are well-versed in landlord-tenant laws
Understanding complicated legalese is made easy with the help of a property manager. They’re there to make sure your property is in compliance with landlord-tenant laws and federal regulations so you’re safe from any legal penalties.
When it comes to evictions, managers know how to effectively remove a tenant who has violated the lease agreement or doesn’t pay rent. For move outs, they’ll be responsible for checking damages, returning the security deposit, and other related tasks.
Are you looking for a property manager in Matanuska Valley? Perhaps I can help! Contact me today at 907.746.4663 or send me an e-mail at office(at)myfavoriterealtyak(dotted)com to schedule a consultation.