There are over 300,000 property management companies in the United States. Millions of rental properties rely on their services every year.
With so many owners and real estate investors using property management services, it begs the question of whether it’s worth it. If you’re thinking about hiring a property manager but aren’t sure if it’s worth the cost, you’re in the right place! Keep reading to learn about four great reasons to hire a rental property manager.
1. Avoid Legal Hassle
There are several laws and regulations you must follow when renting out and maintaining your rental property. Following state and local laws when screening tenants is important for avoiding legal issues. Evicting a tenant requires knowing how to do so in an efficient and legal manner.
Just one lawsuit filed by an unhappy tenant can cost you thousands of dollars in legal fees, even if you win. A good property manager knows how to navigate all the applicable laws and regulations and will help ensure you stay out of legal trouble.
2. Save Money and Time
While a rental property management service charges a monthly fee between 8%-12% of the monthly rent collected, they will save you money in the long term. They are experienced in marketing properties for rent and finding the right tenants. Their large networks mean they’re able to quickly find new qualified tenants when there are vacancies. That will minimize any income loss due to vacancy.
In addition to helping you save money, a property management company will save you a ton of time. Your time is valuable and you have better things to spend it on other than your investment property. Having a property manager means you aren’t the one that has to answer the phone at midnight to help fix a leaking sink or toilet.
3. Investment Flexibility
If you manage your own properties, you are restricted to investing within a certain radius near your home. That means you might be missing out on some great investment opportunities. By hiring a rental property manager, you are less bound by geography and are free to pursue opportunities wherever you wish.
4. Vendor and Tennant Relationship Management
At some point, you’re going to need the services of a handyman, contractor, tradesman, or supplier for your rental property. It’s almost impossible for an independent landlord to have relationships with each of these vendors.
Property management companies have long-standing vendor relationships. They’ll use these connections on your behalf when an issue arises. Your property manager will get you great work at an affordable price, and will even oversee the project for you.
Your property manager will also maintain all aspects of the tenant-landlord relationship. They’ll deal with collecting rent and ensure on-time payments are made. They’ll also handle any type of maintenance, routine inspections, and any necessary conflict resolution.
Ready to Find a Rental Property Manager?
Now that you know all these great benefits of hiring a rental property manager, are you ready to find the right one for you? From saving you time and money to ensuring you stay out of legal trouble, a property manager can make your real estate investment a breeze to handle.
If you’re in need of a reliable property manager in the Columbus, GA or Phenix City, AL areas, contact us at Inheritance Realty Group today. Our team of experts is ready to support all your property management needs!