Owning rental income property is generally financially rewarding. But at the same time, property management can be time consuming and troublesome.
It might make sense to self-mange your rental properties if you live close to your properties, are a handy person, and don’t mind spending several hours each month to do the task. But in many cases, it is impractical, especially if you hope to expand your business or spend more time with your friends, families or do the other things that you enjoy doing. With this in mind, hiring a professional property manager can save you time and all the trouble of self-managing rental property. Below are just some of the critical tasks that a professional property manager can help you with.
- Setting the right rental rates
- Marketing and advertising for your vacant properties
- Screening the rental applicants and finding the right tenants
- Signing the lease and collecting the security deposit
- Collecting and depositing the rent payment on time each month
- Scheduling necessary maintenance and repairs
- Managing the tenants
- Managing vendor relationships
- Ensuring that you are compliant with housing regulations and property laws
- Enabling you to invest in geographically long-distance properties
- Maximizing the profitability of your time
- Maximizing the profitability of your money