Five Reasons to Consider Hiring a Property Manager
Posted by Amy Vochatzer // February 6, 2019
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Hold a
mirror up to the job of landlord, and you will
find it is one of the toughest occupations in the world. Owning rental property can be the biggest
hassle of your life. Many owners of rental properties think they can handle the
job because they think it is much cheaper
in terms of dollars of expense. Soon your
friends will see you are wearing yourself out.
What are the five reasons to consider hiring a property manager?
A
landlord can string a ribbon of 40 hours a week running all over the city
handling blocked toilets, fixing A/Cs, and solving maintenance problems. Then
you get to find tenants, vet them, and kick out tenants who don’t pay. Once in a blue moon, you might get a vacation.
Five Reasons to Consider Hiring a Property Manager
- A
property manager finds the right tenant. The cost of choosing the wrong
tenant is steep — in terms of time,
money and, in some cases, legal difficulties. Finding and placing a
qualified tenant demands both diligence and knowledge. A qualified tenant
is a tenant who passes a background and credit verification check as well
as receiving a good reference from current and past landlords and
employers. Finding a qualified tenant also involves setting a rental
price, and advertising.
- A
property manager creates a good lease.
After successfully qualifying the tenant’s application, it’ll be the
property manager’s responsibility to ring up a lease that is both fully
compliant with the law and 100 percent enforceable.
- One
of the five reasons to consider hiring a property manager, a property
manager fixes things that break. If something breaks, leaks, bursts or
wears out — it’ll be the property manager’s responsibility to rocket to
the location to determine the cause of the problem and get it fixed.
- A
property manager collects rent and handles evictions. In the event the
tenant stops paying rent, the property manager will attempt to collect it
by sending written correspondence and making phone calls. If the
collection efforts fail, the property manager will determine that it’s
time to evict. The property manager will have to send a legal notice
instructing the tenants to pay or vacate the premises. After that, it’ll
be time to file a lawsuit in court.
- A
property manager keeps track of income and
expenses. Finally, there’s the task of accounting. Tracking the
income and expenses for a rental property isn’t just a good financial
habit — it’s the law.
What does a property manager cost?
The
average property manager charges somewhere between 50 and 100% of the first
month’s rent as a finder’s fee and then 8 to 10% of the monthly rent. A renewal
of an existing tenant would not generate a finder’s fee. If you are fighting
for income, a property manager can feel like a large stone around your neck.
But, a
great property manager enables you to stay on the right side of the law.
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for FREE
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