Is a property manager worth it? It’s a common question that landlords ask, particularly new landlords and those who are feeling overwhelmed with day-to-day tasks. The short answer is that yes, hiring a property manager is definitely worth it. You will need to pay the manager a percentage of the rent, but the overall savings will more than make up for this. Ultimately, the goal of a property manager is to maximize the income of the landlord while taking good care of the property and keeping the tenants happy.
A property manager is worth it for rent collection services.
For many landlords, the greatest worry is whether a tenant will fall behind on the rent. It’s a valid concern, as failure to pay the rent is quite common. Many Americans live paycheck to paycheck. As a result, a sudden health scare or unexpected job loss can result in failure to pay the rent.
This is one of the most common reasons why landlords hire property managers. Suddenly, when a landlord brings on a professional property manager, tenants often discover that they have the ability to pay the rent after all. Usually, this is because tenants understand that a property manager is a neutral third-party who won’t hesitate to pursue eviction proceedings.
Professional property management includes eviction services.
If a tenant still won’t or can’t pay the rent when a property manager gets involved, the manager will file the necessary paperwork to initiate eviction. This is something that landlords often aren’t willing to do on their own. There are two common reasons for this. Firstly, landlords don’t typically enjoy the emotional nature of eviction proceedings; it can be tough to kick someone out of a home. Secondly, landlords often aren’t sure whether they are in compliance with all legal regulations.
Is a property manager worth it? Yes, because you won’t have to deal with the eviction by yourself. Plus, you can count on your property manager understanding the laws inside and out. You won’t have to worry about a tenant potentially suing you for wrongful eviction or discrimination. Having a professional property manager on your side can help you avoid stress, headaches, and lost profits.
Property managers reduce the vacancy period of your properties.
When tenants leave due to an eviction or simply because they’re moving on, your property manager has another opportunity to save you money. Once a tenant moves out, the manager will conduct a property inspection. He or she will promptly arrange for all necessary repairs and maintenance services. This ensures that the property sits vacant for the least amount of time possible.
Often, landlords try to maintain their own properties in the interest of saving a few bucks. However, a rental business is often a side business. It’s tough to manage your own properties when you’re also working long hours at your full-time job. Rather than letting your property sit vacant for several months while you try to find time to paint it, you can have a property manager get the job done in a couple of days. As a result, you’ll be able to rent it out much sooner.
In addition, a property manager is a skilled marketer. He or she can get your vacant properties in front of more eyes and generate more interest in them. Your property manager will also take care of showing the property to prospective tenants so that you don’t have to.
A property manager can place high-quality tenants in your properties.
Another reason why property managers are worth it is because they can place high-quality tenants in your rentals. Property managers sift through rental applications, and conduct background and credit checks. In particular, they carefully examine each prospective renter’s ratio of income to debt. This helps determine whether the tenant will be able to keep up with the rent payments. As a result, you won’t have to worry about whether your tenants will pay from one month to the next.
Property managers can conduct accurate rental analyses.
Are you still wondering, “Is a property manager worth it?” It’s time to take a look at how much you’re charging for rent. Quite often, landlords don’t realize that they have set their rent too low. A property manager can conduct a rental analysis to determine if you should raise your rent the next time you renew a lease or welcome a new tenant.
Here at New Concept Property Management, we specialize in maximizing profitability for property owners. In other words, we make hiring a property manager worth it. Our company offers affordable property management packages priced at varying rates for your convenience, in addition to à la carte tenant placement services. Contact us at our Tucson office at (520) 305-3950 to get started. And don’t forget to ask about your free rental analysis!