Part one of this series reviewed the core advantages of hiring a property manager, including setting rental rates, receiving payments on time, marketing your property, finding the right tenants, and managing those tenants. Now, we explore five more value-added services your property manager provides.
- Managing vendor relationships is a vital part of any rental property owner’s business, but not always easy for an individual to do part-time. If you own a rental long enough at some point you will need the services of a plumber, electrician, roofer, landscaper, exterminator, painter, cleaner, appliance repairman, carpet/tile/countertop repairman, etc. But if you hire a property management company, you can leverage their vendor relationships and pricing. Plus, they will take all the vendor management efforts for you.
- Being knowledgeable about property laws and ensuring compliance with housing regulations is an under-valued benefit of hiring a property manager. Mistakes in this area can be extremely costly. And working with local, state, and federal requirements can be complicated and time-consuming. Having an experienced, licensed property manager advising you is good insurance against violating the law and making a costly mistake.
- Sometimes, given the right opportunity, you might end up owning properties distant from one another. While this may put a strain on an individual, it’s a regular part of business for a property manager. Hiring a property manager enables investment in geographically diverse properties. Think of the money you could save in gas alone!
- Hiring a property manager allows you to maximize the profitability of your investment. We live in uncertain times and we are told to expect the unexpected. But the only way to be truly prepared is to have an expert on your team. They can help you mitigate issues before they become problems that hurt your bottom line. Hiring a professional ensures you get the best guidance in any given situation.
- Time is money, we say, but we can make more money. Time is the real commodity, regardless of how you choose to spend it. When you hire a property manager, you get back your time. As a rental property owner, you owe it to yourself to consider hiring a property manager based on the time factor alone.
If you’re ready to get serious about the next level of your investment property business, call All Country Heartland Property Management at (405) 444-8844. Or sign-up for a free quote today at www.allcountyheartland.com/property-management/free-quote/.