Should You Use a Property Manager During Uncertain Market Times?
It is hard to overestimate how much value quality property management provides for our society. In fact, every single year, people in the United States spend more than $100 billion on the services of property managers! To fill this demand, the industry employs almost 878,000 people!
As large as that market is, it might be even larger if more people appreciated the benefits a good property manager can provide. Many people think of a property manager as a luxury. In other words, they think property managers are an unnecessary expense.
However, the right property manager can more than pay for themselves. How can that be? Read on to learn all about the most important things to understand about the benefits that a property manager might be able to provide for you!
A Property Manager Can Help You With Screening Tenants
There is a famous principle called the Pareto principle. It states that 80% of the results in a system often result from 20% of the dynamics of the system.
Let’s think about how this applies to tenants. In the experience of many property owners, 80% of the extra workload of managing their tenants seems to come from only about 20% of their tenants.
Although this sounds bad, it is actually good news. This means that if you could just find some way to better screen your tenants, you could potentially remove something like 80% of the extra stress of managing difficult tenants.
But how can you do that? Professional property managers have developed a long list of techniques to help them screen tenants. All of these techniques together can help you find the best tenants to rent your building.
The end result can be a greatly decreased workload. Having the right tenants can also mean avoiding unnecessary maintenance or repair costs. On top of everything else, it frees up time for you to focus on growing your cash flow.
A Property Manager Can Help You Take Advantage of Rental Market Trends
The world of marketing is constantly changing. For example, the coronavirus pandemic pushed many consumers even more into the digital world than they already were. As a result, many companies have followed them online.
Of course, this is a drastic over-simplification. The reality is that the market is split up into many little pieces scattered across a variety of platforms both online and in the real world.
To most effectively market your properties, it is important to stay up-to-date on the latest marketing and real estate trends. That is exactly what professional property managers can do.
One of the most important ways to make the most of your properties is by keeping them full. Every month a property goes without a tenant is just as big a loss as having a tenant refuse to pay rent for one month.
Investing in a property manager for better marketing means avoiding the loss of potential cash flow that comes with empty buildings.
Benefits of a Property Manager Include Longer Renters
Of course, you may not need to focus on filling your buildings if they are already full. Once you have a good tenant, it is worth doing whatever you can to keep them as long as possible.
Unfortunately, when things go wrong with the building, tenants are more likely to leave. That is where a property manager can come in handy.
The right property manager can help make sure that all of your tenants enjoy their stay as much as possible. That means they’re more likely to stay, meaning you can spend less money on marketing or on empty buildings.
Property Managers Help Rent Be Paid on Time
Sometimes, collecting rent can be a hassle. After enough resistance, some landlords simply give up on making sure that rent comes in on time.
However, a property manager can help make sure that rent comes in in a timely manner. That can save you stress as well as unexpected losses of income.
A Good Property Manager Can Help You With Compliance
Some landlords become experts through trial-and-error over time. This is often a good strategy. At the same time, it is a bad strategy when it comes to legal compliance.
It is important to know that you are not breaking any laws right from the beginning. Property managers are familiar with the laws at every level of government for tenants, visitors, and properties.
A Good Property Manager Can Decrease Total Repair Costs
As the saying goes, an ounce of prevention is worth a pound of cure. Staying on top of maintenance can mean catching small problems before they develop into big problems.
That means fixing them when it is affordable to do so rather than when it is costly to do so. The end result is that careful maintenance can actually save you money in the long run. In this way, a good property manager can pay for themselves in the long run.
A Good Property Manager Can Help You Increase Cash Flow
Many property owners want to know how to hire a property manager in a way that actually increases their total profits. Fortunately, property managers learn all about ways to more effectively monetize properties.
Just because you are getting rent for a property does not mean that you are making the most of it. The right property manager can help you maximize your cash flow by utilizing all of your properties as effectively as possible.
Understand the Benefits of Using Property Managers
We hope learning about the benefits of using property managers has been helpful for you. Many people worried about hiring property managers during difficult times. However, it is precisely when times are difficult that is important to maximize cash flow and minimize unnecessary expenses.
That is what a property manager can do for you. To learn more about how property managers might be able to help you, feel free to reach out and get in touch with us here at any time!