Managing your own income property might not seem like much more than finding people to move in and collecting rent every month.
But what happens when the roof starts leaking at 2 a.m.? What do you do when a tenant files a complaint against you in court? Who will maintain the lawn at the property? These are just a few of the many responsibilities of managing a rental property.
Hiring a property manager can not only provide better service to your tenants, but can prevent legal and maintenance issues to begin with. Here are the top four advantages of hiring a property manager over managing your own property!
1. Increase Your Profit
When managing your own property, chances are you’re not able to dedicate 100 percent of your time to things like tenant screening, maintenance, and rent collection.
When you hire a professional to do these things, your investment runs smoother and you benefit by:
- Having the right tenants in your property. When you get tenants that are a good fit, you minimize your risk for damages and complaints, therefore keeping both you and your tenants happy.
- Keeping maintenance issues under control. Property managers conduct regular maintenance before problems have a chance to become larger, more expensive issues (preventing that 2 a.m. roof leak from happening in the first place!).
- Know the rental market in your area. The rental market is always changing, so keeping your rates fair yet profitable can benefit you and your tenants.
By efficiently managing your income property, the right property manager will boost the value of your investment over time, making it a sustainable source of profit for you.
2. Stress Less
Let’s face it—being a property manager and attending to your property daily between travel time, maintenance, and documentation can turn into a 24/7 job. And chances are you already have a full-time job!
By hiring a property manager, you can eliminate stress from responsibilities such as finding the right tenants, advertising your unit, addressing maintenance concerns, handling emergency maintenance calls, and collecting rent.
Not to mention if there’s a legal issue, you might need to pursue tenants in court. Most people don’t have time to manage their income property and keep up with all the other responsibilities in their life.
A property manager takes the stress out of having an investment property so you can dedicate your time to things you enjoy while collecting a profit.
3. Maintain Compliance
Local property managers can help you avoid potential legal issues with renting out your space. These include concerns that can arise from keeping your rental unit safe and up to code, abiding by fair housing regulations and avoiding discrimination, and discreetly handling complaints.
However, in the event that your tenants file a complaint against you or you need to take legal action, the right property manager can assist you and won’t be afraid to hold clients responsible for their actions.
Maintaining compliance can be a headache for landlords not familiar with their state and federal laws for renting a unit, but with a property manager, you can ensure tenant safety and reduce your liability.
4. Create a Sustainable Source of Income
Handling an investment property can be overwhelming on a day-to-day basis for landlords who don’t have the time to commit to it. While you might have short-term success, you won’t create a sustainable source of income for yourself this way over time.
Instead, let a property manager handle all the little details and problematic aspects of your rental unit. Professional management can increase the value of your property and show you how easy it can be to make that extra income.
Considering Hiring a Property Manager?
When you need a property manager in the nation’s capital, contact us at FAS Management. Our professional property management services have been benefitting properties both large and small all over DC for decades. Call us today to find out more: (202) 337-5080.