Whether or not you need a property manager is something that only you can decide on, but in most situations, they are indeed needed or at least can provide benefits. As we give you the reasons why property managers are considered to be so important to the rental real estate industry in the first place, you should be able to find your answer by comparing your own needs against the advantages they bring to the scene.
They Collect and Deposit Rental Payments on Time
Credit card bills and rent money are the two most difficult bills to collect from people. There can be exceptions of course, but in most situations, collecting rent from a number of rented apartments on time could be a real hassle to deal with. Property managers are professionals, and they will collect rent from your tenants and deposit them in your specified bank account within due time. Whether you have a small set of apartments for rent, or own a large housing complex with hundreds of renters, a property manager will make sure that all rent is collected and deposited on time, barring, of course, exceptional situations and emergencies.
Some of Them Can Screen Tenants for You
There are plenty of property managers out there depending on where you’re based. Take Philadelphia for example, these property managers stand out because they provide full tenant service. This means that they will screen your tenants, ensure rental compliance in the city, keep a tab on new vacancies/rentals, and even advertise your apartments and houses locally. Bay Management Group not only offers a larger range of services than competing property managers in the area, but they do all that at a cheaper than average rate as well. These are the types of factors you’ll want to consider when finding someone to screen tenants for you.
Local Rental Rate Awareness
Rent rates go up and down all the time, and at the end of a contract, you may or may not be the best judge of renegotiating a new contract with your tenant. If you are not a local or deeply involved in the real estate market, this will prove to be a particularly difficult job for you. It is more than likely that a non-local landlord will end up losing money on signing a new contract, without even knowing that they are losing out because of it.
Property managers are pretty much the experts on this, as rent handling is the main part of their job. With their help, landlords can renegotiate with better knowledge about the prevailing rents in the locality, and thus avoid losing money.
Compliance Issues Can be Solved Remotely
The most common issue which can end up costing the landlord heavily is fines for noncompliance. Even if they are not aware of the noncompliance, or that a law or city code has been violated, the landlord could be fined hundreds of dollars for the violation, if not thousands.
Since property management companies have legal, certified experts in housing codes on their payroll, it’s easy for them to keep you informed about the codes, and if any of the properties under your name are in violation of the city codes in some way or the other. They can also solve the issues on their own accord if you give them the go-ahead. This is a feature that landowners who reside out of town or in another part of the city will particularly appreciate. Not to mention the fact that landowners often may not even have the resources necessary to address a noncompliance issue, even if they know about it.
If none of what we discussed so far applies to your situation, or you don’t think the cost would be justified in respect to what you could possibly gain with the assistance of professional property managers, then perhaps they’re not for you after all. Everyone else, on the other hand, should consider property management to be an essential investment, rather than an expense. If you partner with the right property management company, they will help you make more money than you possibly can make without the professional help of their multifaceted services.
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We hope you found this blog post on Do You Really Need a Property Manager? useful. Be sure to check out our post on 7 Things You Need to Know Before Listing Your Property for Rental for more great tips!
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