Managing rental properties is a complex and time-consuming task requiring a variety of skills like marketing, tenant relations, maintenance, paperwork, and much more. For property owners, the decision to hire a property manager can often be a wise investment.
Beyond convenience and peace of mind, a property manager can save you money many ways and can lead to major cost savings. Here, we will explore the potential financial benefits that come with hiring an expert for your property management tasks.
Time Is Money
I am sure you have heard the saying “time is money,” and this rings true for hiring a property manager. While it is tempting to take on the responsibilities yourself to save costs, it is important to consider the potential trade-offs in terms of time and efficiency.
Ask yourself what you think your time is worth. How much do you get paid each hour? Most times, a professional property manager will complete tasks more efficiently than you can yourself. This in itself presents money savings, when you calculate the time you have to use for other activities, whether they are business or personal.
Tenant Relations
Many property managers will handle everything regarding your tenants, including filling vacancies, conflict resolution, communications, and more. This can include:
- Advertising and marketing for new tenants
- Tenant screening
- Rent negotiation
- Handling lease paperwork
- Knowing local regulations
- Walk-through inspections
- Rent collection
- Evictions
- Move-outs
- Tenant complaints
The list is long, and, as you can see, hiring a property manager can be very useful when it comes to tenants. And, because they are pros as negotiating rents, you can sometimes command a higher rent for your units!
Maintenance & Repairs
Having a property manager for maintenance and repairs offers several benefits, many of which save you time and money. For instance, most property managers have established relationships with reliable contractors, service providers, and maintenance staff. This means higher quality work, and sometimes at a lower price than you could secure yourself.
Property managers are also proactive about identifying maintenance and repair needs, saving you from major repairs (and costs) in the future.
Timeliness and efficiency is another benefit. Property managers have experienced different maintenance issues, and can usually identify the most cost effective way to fix them. They can quickly identify the problem, determine a course of action, and promptly make the repair.
Property managers also have a plan for 24/7 emergency response. The quick response can mitigate further damage and costs, and ensure residents are safe.
Handling the day-to-day operations of a rental can be time-consuming and stressful, especially if you own multiple properties. By delegating these tasks to a property manager, you can save money, free up your time, and ease the stress associated with managing a property.
Are you ready to hire a property manager for a multi-family community? If so, our team at Smart Staffing Solutions can be your partner in finding a top-notch property manager. With a large network of qualified professionals, we can match you with the perfect property manager to help you run the day-to-day operations of your properties–and start saving time and money!