Can a Property Manager Save You Money? Yes!
You just acquired your first rental property and are ready to start making money. You only need to make a few upgrades, get your college buddy, the injury attorney, to make a contract, get a tenant from the internet, and you’ll be on your way to easy monthly money. STOP! What you don’t know can and will hurt you.
If you have property management experience (being a renter doesn’t count), be my guest, jump ahead and start managing your property. But, if you’ve never performed does duties before, it behooves you to hire a Property Manager.
A reputable Property Management Company can protect your investment from the obstacles you’ll find in this new journey. In addition, they can save you a pretty penny if you’ve never managed property before. So keep reading and learn about the savings that having a professional on your corner can provide.
A Property Management Company can reduce the time your house stays empty. They’ll take care of professional real estate photography, listings, showings, and tenant qualifying to name a few. By reducing the amount of time the property remains on the market, you could be putting thousands of dollars in your pocket.
Reduced Maintenance Costs
A Property Management Company can reduce your maintenance costs thanks to its network of licensed contractors. By managing hundreds of properties, it always receives preferential treatment and favorable prices.
On-time rent and accurate record-keeping will ensure a healthy balance sheet. A full-service management company will cover rent collection on your property, monthly statements, and year-end tax summation.
Experienced property management companies know how to avoid legal issues and lawsuits that can cost you money. From lease agreements to tenant qualifying to evictions, they have years of experience to help you avoid the obstacles in the way.
If nothing else, Property Management is time-consuming. By allowing them to take care of those duties, you’ll be free to do the things you like.
One last thing, I’m not saying that you shouldn’t manage your properties. What I’m trying to emphasize is that property management isn’t an endeavor to be taken lightly. If you are set on self-management but have no real experience, hiring a Property Manager for the first year, and learning from her, is a sensible alternative. Whatever you end up doing, I wish you outstanding tenants and only minor repairs.
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