One of the most common mistakes real estate investors and landlords make is overlooking the help of a property manager. Owners will often decide on trying to manage a property themselves, however, they always tend to run into issues that would otherwise be easily handled by a property management company. Here are five key benefits you can look forward to when hiring a property manager.
Fewer Legal and Legislation Problems
Seasoned landlords and real estate investors are aware of the nightmare of legal issues that can arise with tenants that cost both time and money. Property management companies have a comprehensive understanding of landlord-tenant laws and can handle situations such as eviction, inspection, and lease negotiation. By hiring such a company, you minimize your legal risks as they will ensure the property operations are within the legal framework. This helps protect you from potential lawsuits and legal issues related to property management.
Point of Contact for Tenants
Managing property may seem like a great way to make passive income, but it can quickly become a full-time job. Instead of being contacted around the clock by tenants, a property manager can manage a 24/7 emergency call line in case they need anything. Property managers, like Black Bear, also provide an online portal that allows tenants to submit maintenance requests at the touch of a button instead of calling you at any hour of the day.
Property management companies have the expertise and necessary tools for effective tenant management. They will handle the entire tenant cycle, which includes finding and screening tenants, handling leases and tenant complaints, managing the eviction process if required, and ensuring the property is ready for new tenants. This enhances tenant satisfaction and resourcefully mitigates any possible risks.
Ensures Rent is Paid on Time
By employing a property manager, landlords can maintain a stress-free, steady income flow from their rental properties. They understand the importance of maintaining consistent cash flow and will take appropriate measures to collect rent promptly. Property managers are equipped to deal effectively with delinquent payments, are able to serve legally compliant notices, understand how to deal with eviction processes if necessary, and can also help in recovering lost rent.
Some property management companies, such as Black Bear Real Estate and Property Management also offer easy, online payment portals which make it easier and more convenient for tenants to pay their rent, increasing the likelihood of getting rent on time.
Tenant Turnover, Reviews, and Renewals
An often-overlooked benefit of hiring a property manager is that you will likely have less turnover. That’s because a good property manager will make tenants feel that they are in good hands by offering an open line of communication and responding to their needs in a timely manner. This will reflect positively on your business through word-of-mouth marketing and positive online reviews.
Beyond being just a point of contact, some property management companies provide additional services aimed at helping you grow your rental property portfolio. At Black Bear Real Estate and Property Management, we offer comprehensive marketing services that help to spread the word about your property through professional photography, social media, paid advertising, and listing on all major rental platforms.
Lower Maintenance Costs
Solving maintenance issues yourself is costly and time-consuming, so working with professionals in property management will surely save you time, money, and the inevitable headache. Experienced property managers usually have long-term relationships with maintenance workers, contractors, suppliers, and tradesmen whom they can trust to do a quality job. Because of their ability to offer regular work to these service providers, they can usually negotiate better rates compared to what an individual landlord can get. This, in turn, lowers the overall maintenance cost of the property.
Moreover, property managers focus on preventative maintenance. They conduct scheduled inspections and perform regular maintenance tasks to ensure all areas of the property are in good condition. When maintenance issues are identified and addressed early on, it can prevent more severe damage over time that can be costly.
Contact Black Bear for Property Management Services in Fort Collins
Real estate investment can be a challenging but fulfilling endeavor, and the experts at Black Bear Real Estate and Property Management are here to help with all of your Fort Collins property management needs! Contact our team of professionals today for a free consultation – you can expect personalized service, prompt communication, and dedication to your success with our property management services.