In recent years, the rental market has garnered well-earned attention as a lucrative way of generating income. If you’re considering investing in a property, it’s wise to understand that despite the earning potential, operating a rental property comes with its fair share of challenges, costs, and demands on your time.
While it may seem appealing at first to manage your own property and keep all the rental money, hiring a property management company will actually help you save time and money in the long run. In order to help you plan appropriately and inform you of all options available to you, here are 4 ways hiring a property manager can save you time.
What is a Property Manager?
Owners typically hire a property manager to help them achieve their goal of building a steady investment income while reducing the burden of daily property operations. As we mentioned, the rental market has extremely high earnings potential, especially for individuals who are organized and experienced.
Property managers specialize in all operational aspects of ownership – things like handling security deposits and maintaining building safety standards. The property manager deals with tasks that keep the property running smoothly and the tenants happy: managing rent, tenant complaints and requests, documentation, taxes, budgets, maintenance, and providing records to the city and state. Property managers interact directly with tenants, especially when it comes to leasing and maintenance, so they are the ones who will manage day-to-day necessities and facilitate your property’s success.
Duties of a Property Manager
Every property comes with unique needs, and the property manager’s responsibilities are outlined in their contract with the owner. Owners with multiple properties might seek out a property management firm to coordinate all operations and oversight. In general, you can expect property managers to take care of the following:
- Marketing the property - social media, target ads, professional photography etc.
- Tenant screening - background checks and interviews to find the best tenants
- Leases and documentation
- Evictions and delinquent rent collections
- Maintenance
- Tenant services - online portal for applications, paying rent, submitting maintenance requests, etc.
Ways a Property Manager Can Save You Time
It’s an old saying, but there’s no doubt about the wisdom of ‘time is money’. Time is the most valuable commodity we own, and managing a rental property can be extremely time-consuming. In order to guarantee the success of your property and save an enormous amount of time for yourself, hiring a property management company is crucial. Here are just some of the ways that a property manager can save you time.
1. Better, Happier Tenants
Unpaid rent and the cost of eviction can cost you thousands of dollars, but a property manager ensures that your rental will only see the best tenants. With thorough screenings and criminal background checks, you won’t have to worry about expensive damage repairs or late rent payments.
Not only will you benefit from having better tenants, but you will also have happier and more satisfied tenants which leads to fewer claims, less frequent vacancies, and a more reputable brand, all of which will directly save you time.
2. Streamlined Logistics
A property manager allows you to spend your time doing what you love and lets you ignore any small problems that tenants want fixed. From new tenant documentation, interviews, move-in/move-out procedures, and maintenance schedules, a property manager will have everything taken care of without any stress. Avoid paperwork, phone calls, evictions, and rent collection and hire a property manager.
3. Day-to-day Operational Relief
Similarly to the above, rental properties require constant day-to-day attention. A day in the life of any tenant is somewhat unpredictable - from faulty fire alarms to a disruptive neighbor, it’s the duty of the property manager to help meet the needs of tenants every single day, no matter the hour, despite the scale of the problem.
4. Online Interconnection
By working with a property manager, you can unlock the simplicity and efficiency of fully integrated online portals. At Black Bear Real Estate and Property Management, our online portal makes it fast and easy for tenants to apply for housing, pay rent, and even submit maintenance requests. Say goodbye to paperwork, fax machines, and customer folders, and say hello to simple, streamlined efficiency.
Save Time With a Northern Colorado Property Manager
We understand that time is a valuable resource, and our goal is to facilitate the fastest and most efficient way for individuals to successfully manage their rental properties. At Black Bear Real Estate and Property Management, we have helped innumerable building owners turn their property into a rental gold mine - if you have a rental property that demands more time than you can give, consider contacting our team of expert property managers today!