Owning income property can be one of the wisest financial investments a person can make. Unfortunately, owning income property can also be a major drain on time and energy. Consider the following three benefits to hiring a good property manager:
1. You can skip collecting and depositing monthly payments.
If you’ve spent any amount of time trying to procure payments from people, you understand how frustrating and awkward it can become. Tenants who don’t pay on time or fail to pay late fees can quickly and easily become a source of stress. Your time is money, and unless you enjoy chasing payments in your downtime, it’s a task you can easily pass off to someone else.
2. You can outsource tenant management.
Good tenants come with a certain number of reasonable expectations, and routine and emergency maintenance issues require time. Even the process of finding the right tenants and building a strong tenant-landlord relationship requires effort so that the tenant wants to stay on good terms. A good property manager can spend the time and effort securing background checks, running credit reports, and calling on tenants who need assistance. Perhaps better still, hiring a property manager means you won’t have to handle the middle-of-the-night phone calls when the toilet overflows!
3. You can invest in properties wherever you want.
Choosing to manage your own investment properties limits you to a tight geographic location. By hiring the right property manager, you are free to snap up investment properties at good prices wherever they exist. And since one helpful strategy for hiring property managers is finding someone who lives in the rental unit (an apartment complex, for instance) and trading labor for a percentage off of the monthly rent, you are literally free to go anywhere and hire anyone to keep an eye on the property for you.
One important caveat when hiring a good property manager: Be sure whomever you hire has a good grasp of state and federal laws as it pertains to selecting tenants.
And then rest easy. For now, your work is done.