Should you invest in property management in the capital region for your rental properties?
December 7, 2021at4:00 PM
It’s a decision that most property owners will face at some point — to hire or to not hire a property management company to oversee their rental properties. Maybe this is your first time renting out the property, or perhaps you’ve added more properties to your portfolio and you can no longer afford to be hands-on with managing them.
At Reliable Properties, we believe that hiring a professional property manager can resolve a lot of the hassles involved with managing a property. However, we also understand that you need to know the benefits of such a decision before making it.
Here’s why hiring a property management company in the capital region for your rental properties is the right step in the right direction for you.
1. It frees up your time
Property management is a time-consuming task. As the manager, you are the first point of contact whenever something comes up at the building. You are essentially on call 24/7 and your tenants expect you to resolve any issues in the shortest time possible. There’s also tons of paperwork to deal with, chasing down late payments, ensuring compliance with regulations — it’s basically a second full-time job.
Hiring an experienced property management company to handle these tasks frees up your time. No more worrying about taking care of leaking pipes and broken windows, or dealing with tenant disputes. You can live with the reassurance that your property manager is taking care of all the day-to-day running.
2. It allows you to invest in properties outside your geographic location
When managing your own property, you’ll need to live in the building or at least stay somewhere close by so you can respond to maintenance requests quickly. It also means that you won't be able to tap into other real estate opportunities outside your geographic location since you don't live there.
Hiring a property manager solves this problem for you. They can help ensure that there are boots on the ground even if you live in another city or state.
3. It allows you to have higher quality tenants
Your tenants are the key to successful rental property investments. The last thing you want is a tenant who doesn't pay on time and causes significant damage to the property. While it’s certainly possible to kick them out of your property once they’re in, it’s generally better to avoid accepting them in the first place. This saves you the hassles and time wasted on lengthy back-and-forths trying to evict them.
An experienced property management company can institute a thorough tenant screening process to ensure that you’re only taking in ideal clients.
4. It can help create a more efficient rent collection process
How you handle rent collection and late payments is critical to your success as a property owner. You want to be able to collect rent on time every month so there are no cash flow issues down the line. However, this is not always the case. Sometimes, tenants come up with all sorts of excuses, and you might find yourself facing a cash flow crisis because the rent isn't coming in when due.
Hiring a property manager can help solve this issue because they will act as a buffer between you and the tenant. This way, you don't have to be the one to listen to excuses or chase down late payments, or even, when necessary, evict the tenant. You just look forward to on-time rental payments month after month.
Need a professional property manager?
Reliable Properties is the company to call when it comes to full-service property management in the capital region. From placing ads to showing properties, even to overseeing the day-to-day running of your rental properties, our team has got you covered.
Get in touch today by calling 518-496-7867 or through our contact form. Let us take the hassles out of being a landlord, while ensuring that you’re getting quality returns on your investment.