If you have decided to hire a property manager, then you can feel confident that you’ve made a wise decision. If you’re still skeptical, then read on.
Since there are so many advantages to hiring a property manager and few disadvantages, Jon Selinger of ASM Properties has outlined the pros and cons you can expect from your relationship with a qualified property management company in your area.
Cons:
- If you’re looking to bypass laws, get away with not paying rent or taxes on the home, or are looking to deceive anyone in any way, then hiring a property manager will not be your best option.
Pros:
- Property management companies will make sure that all the laws regarding renting a home or commercial space are followed.
- Property managers in many states are required by law to be licensed to handle all the responsibilities associated with overseeing rental properties.
- Property management companies provide landlords with various verification methods to ensure that potential renters have good credit scores and have had no problems with previous landlords.
- Contracts for leases are drafted and reviewed by real estate attorneys who make sure that both the landlords and tenants are thoroughly protected by the lease agreement before they are signed by either party.
- Tenants can guarantee that the repairs which need to be made will be done in a timely manner. Unfortunately, if you are dealing directly with the seller, then he may refuse to make certain repairs, making your home less enjoyable.
- Hiring a property manager will provide both the landlord and tenants with quick responses regarding any problems with the lease or the property.
- Managers are also known for finding the best price quotes for landlords who need to replace high-priced items, such as a central heating and cooling system.
- Property managers can make small repairs using the landlord’s designated reserve money so that the landlord doesn’t have to be bothered with minor nuisances, and the tenant sees results quickly.
- With a property manager, you don’t have to worry about income and expenses being recorded accurately, because he will handle all of the accounting needs associated with the property, and provide a 1099 for the landlord at the end of the year.
- You can expect that thorough inspections of the home will be completed regularly to make sure the property is being well maintained.
- Property managers can handle correspondence with tenants who are late on rent payments.
- The company will have a qualified team of lawyers on hand to ensure that if any legal action does need to be taken that you get the money you lawfully deserve.
One of the best things you can do for your property, your income and your tenants as a landlord is to hire a property manager who will visit your homes frequently, maintain contact with you and your renters, and handle your needs in a timely and thorough manner. With everything else going on in your hectic life, why not pass off the responsibilities of owning multiple properties to someone you can trust.
