Reasons To Hire a Property Manager

When it comes to rental properties, many owners are reluctant to hire a property manager. After all, why hire someone to do things that you can take care of yourself? However, there are a number of reasons why hiring a property manager to handle your rental property is a great idea.

You’ll Save Yourself Hassle

Being a landlord is a full-time job. Between collecting rents, handling repairs and complaints, turning over rental units, and other endless tasks, it can be hard to find the time to do anything else.

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Should I Sell or Rent My Property?

When you’re struggling with the question of whether to rent your property or sell it, there are several factors you should consider. From your financial situation to the property’s condition, here are some of the most questions you should answer.

Condition of Your Property

There are several aspects of your property that can help you decide whether to rent or sell. Older properties, for instance, are more likely to require repairs and upgrades, which may cut into your rental profits, but proximity to amenities like parks, shopping, dining, and other factors could provide a significant bump to your potential rent.

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What Happens When a Tenant Breaks a Lease?

Tenants represent your income stream, which is why all landlords need to put language in their lease agreements discussing what will happen if a tenant breaks their lease. Still, you’ll almost surely encounter tenants who want to leave their lease early, so what are your options when that happens?

Know Your Rights

It’s important to know the local laws regarding rental properties. That way, you know you have the legal backing to enforce the language in your lease agreement that deals with breaking a lease. A lease is a legally binding agreement meant to protect you and your tenant—it’s there for a reason.

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How Long Does Tenant Turnover Typically Take?

As a rental property owner, the last thing you want is an empty unit—every day without a tenant is a day of rent lost. But how long does it take to get your property ready for a new renter? 

The answer to that question depends on the specifics of your property. Here are some of the things you need to consider when assessing how long you should expect the tenant turnover to take.

Previous Tenants

Generally, the longer a tenant has lived in a property, the more likely it is that you’ll need to do some work. Painting, cleaning, and minor repairs are almost inevitable, and there’s a higher likelihood you may need to make some significant repairs as well. 

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Why Would a Landlord/Investor Want or Need a Property Manager?

Renting out your own property can be a financially rewarding investment. However, as you may quickly find out, it can also be disproportionately time-consuming.

That is exactly where a property manager can come in handy. While you can certainly choose to manage your property by yourself (if you have the free time), it can quickly become impractical for the average owner to do so. After all, who has the time to set rent, collect rent, screen new tenants, schedule maintenance, and manage budgets all day?

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