Do you own several properties, or do you have real estate investments beyond a comfortable drive from where you live? Are you considering hiring a property manager?
A property manager may seem like an unnecessary expense. Yet today's managers do so much more than collect the rent and fix leaky faucets.
Here's why local property managers are crucial to a successful investment experience.
1. Protect Your Investment
An experienced property manager will know how to find quality tenants. They will know how to conduct background searches and spot red flags to ensure that you'll always have a timely rental income.
The right manager can also help you choose a good rental price point in a neighborhood that will neither deter renters nor leave you without a decent profit. Your property manager will know how to collect rent regularly and make repairs. These could involve routine items such as a clogged drain or emergency issues such as a fuse box problem.
Many of today's property managers utilize an online property management system. This is an easy and efficient way for your tenants to let you know when they need repair. And it allows your staff to organize their time and materials appropriately.
2. Property Management Law
Most property managers are licensed and therefore educated about Fair Housing laws. This will help you when it comes to choosing tenants as well as when you need to evict someone.
In addition, the recent pandemic has led to a change in laws at both the federal and state levels. You'll want a property management team who can help you navigate these minefields during a critical time.
3. Avoid Emergency Phone Calls
Many landlords know what it's like to get a call in the middle of the night. And many tenants will believe something to be a real emergency that only requires a small tweak. Your tenants may also be irate and emotional about getting their home repaired.
A property manager will be able to ensure that emergency repairs can be scheduled online. This can allow you to spend valuable time with other aspects of your career and family. They will be there to field phone calls so you can avoid getting calls at inconvenient hours.
4. Save You Money
The right property manager will know how to get you discounts. This is especially important if you don't live in the same neighborhood as your investment property.
For example, they may know where to get paint wholesale or have an existing relationship with a local plumber. They can get you a great price so you won't waste money overpaying for services.
Knowing which professionals and supply chains overcharge is also great for a prospective property manager. Finding one you can trust is well worth your time.
5. Diversify Your Portfolio
Now is a great time to invest in real estate outside of where you live. Many major companies, for example, are moving to smaller cities as the pandemic is pushing people out of larger ones. In addition, there are many remote workers who are now enjoying the flexibility of moving to less expensive neighborhoods.
There are lots of great properties to invest in. You'll need to research population and job growth in different neighborhoods. You'll also need to check out the types of properties that are selling.
Some areas, such as Charlotte, have booming suburbs that also offer wonderful schools, excellent entertainment, and plenty of outdoor experiences.
Now is a wonderful time to get in on these market opportunities, but you may not be ready to move. You might be thinking about investing in real estate that is more than a day's drive from where you live.
It's possible to do this successfully with the right property manager. They can handle all of the day-to-day issues for you so you can enjoy your profit without the headache.
6. Avoid Personal Conflicts With Tenants
There's something to be said for allowing a property manager to act as a buffer between yourself and your tenants. As a landlord, you're going to need to make important decisions about rental charges and evictions.
This is also true when it comes to issues such as neighbor complaints and tenant disputes. For example, you may have neighbors complaining that your tenants are loud at night. Or you may have two tenants who are getting a divorce and want to break their lease.
If you're handling day-to-day issues with your tenants, it can be easy to allow personal relationships to get in the way of necessary conversations. With a property manager acting as a go-between, you can avoid the problem of getting to know your tenants too well. You'll be able to make important decisions without letting feelings get involved.
7. Happy Tenants
If you own a property in another state, your tenants may require immediate assistance with their homes. The problems could be anything from a leak to a loose floorboard.
It's important to keep paying tenants happy in your property. Having a manager who will attend to problems right away means they will feel safe and happy sticking around year after year.
Finding a Great Property Manager
The best property manager for you will be licensed, experienced, and knowledgeable. Do your homework and find someone with a lot of experience managing tenants in your area. When you do, you'll be enjoying a healthy income hassle-free for years to come.
Don't stop getting smart about property management now. For qualified professionals in the Charlotte, Gastonia, and Concord areas, contact us today.