Reasons To Hire An Experienced Property Manager
Are you considering hiring an experienced property manager instead of doing it yourself? If so, you’ve come to the right place!
Here are ten reasons to consider enlisting a seasoned professional to manage your real estate.
Expertise in Market Trends and Rental Pricing:
An experienced property manager deeply understands local market trends, rental rates, and demand fluctuations. They can help you set the right price for your property, ensuring it is competitive while maximizing your return on investment. They are skilled at balancing vacancy rates with optimal rent levels to attract quality tenants quickly.
Efficient Tenant Screening and Placement:
An experienced property manager uses rigorous screening processes to verify a tenant’s background, employment, rental history, and creditworthiness. This reduces the likelihood of leasing to problematic tenants and minimizes risks such as missed payments or property damage.
Reduced Vacancy Rates:
An experienced property manager has extensive knowledge of effective marketing strategies and rental networks. They know how to market your property quickly to attract the right tenants. They can access multiple listing services, local contacts, and more!
Legal Compliance and Risk Management:
An experienced property manager stays updated on these regulations, minimizing the risk of legal issues. They handle lease agreements, evictions, and inspections in full compliance with legal standards, protecting you from potential lawsuits or penalties.
Maintenance and Repairs Management:
Maintaining a property requires regular attention to prevent minor issues from escalating into costly repairs. Experienced property managers have a network of trusted contractors and vendors who can provide timely and cost-effective maintenance services. They conduct routine inspections to identify and address problems early, saving you money and ensuring tenant satisfaction.
Maintenance Tips:
This service scrubs out your main line of any debris or blockages. It can extend the life of your building’s sewer main by many, many years. In my experience, it’s one of the most effective but neglected maintenance hacks out there.
Don’t assume your current management has already thought to have it done—this is something to ask about. The cost of a new main line is typically far higher than the cost of getting a main line cleaned.
This also serves as a fairly reliable measure of capable managers. If your management company can tell you the last time they scrubbed out your main, you’re probably in good hands.
Sounds stupid simple, but a lot of people never have it done. It’s extremely important to help water drain from the roof. Especially in a year like the one we’ve had, with record rainfall in L.A., gutter and downspout cleaning goes a long way in keeping your property safe and leak-proof.
Anybody who’s ever had to deal with a mold remediation situation can attest to the importance of keeping unwanted moisture out of a rental property—and the astronomical costs that can come with failure to do so. I walked through a prospective client’s building a week ago that had three apartment units stacked on top of each other, all of them entirely ruined by one leak.
The third hack wears boots! That’s right; it’s a team that keeps a careful calendar and performs all of the above and more maintenance actions on a regularly scheduled basis. Once, I was walking around a property to inspect it when my colleague and I found a lit pilot light that was burning yellow, which meant it was emitting carbon monoxide. Thankfully we took action and immediately fixed the issue, but we might not have had the chance if we hadn’t been there in the first place conducting our inspection.
If you’re a rental property owner looking to hire a property management company, the best way to apply this advice is to search for a company with an in-house maintenance team that proactively prioritizes preventative maintenance. (Try to say that three times fast). Ask them how often they physically visit the properties they manage. If they’re only there at the owner’s request or if there’s a problem, they’re not there often enough.
If you’re a property manager, I recommend bringing on maintenance professionals who faithfully follow a strict schedule for walking the properties you oversee rather than just being ready when the owner calls. I’ve written before about how to build a winning team in property management, and those principles apply here as well.
None of this is rocket science or requires cutting-edge technology. I didn’t get my Ph.D. from Harvard in property management. But sometimes, the simple fixes are the most impactful, and if you overlook them, you risk winding up in one of my many cautionary tales.
Time and Stress Savings:
An experienced property manager handles all day-to-day tasks, from tenant communications to maintenance requests, freeing up your time and allowing you to focus on other priorities. They act as a buffer between you and the tenants, significantly reducing stress levels and increasing productivity.
Optimized Rent Collection:
Collecting rent on time is crucial to maintaining a steady cash flow. An experienced property manager has established systems and processes for rent collection, including late fee policies and follow-up procedures. They are adept at handling difficult conversations with tenants about overdue payments, ensuring consistent income while maintaining a professional relationship.
Improved Tenant Retention:
A skilled property manager knows retaining good tenants is more cost-effective than constantly finding new ones. They focus on tenant satisfaction by promptly addressing concerns, providing excellent customer service, and maintaining the property in good condition. This leads to more extended lease agreements, reduced turnover, and lower vacancy rates.
Accurate Financial Reporting:
Keeping track of income and expenses is crucial for any property owner. Experienced property managers provide detailed financial statements and reports, making it easy to monitor your investment’s economic performance.
Strategic Investment Guidance:
Beyond day-to-day management, an experienced property manager can offer strategic insights into your real estate portfolio. They can advise on market conditions, suggest improvements to increase property value, and help identify opportunities for expansion or diversification. Their expertise can guide you in making the best decisions for your investment goals.
In conclusion, hiring an experienced property manager can significantly enhance your rental property’s profitability, efficiency, and stability. With their expertise, resources, and dedication, they take on the complexities of property management, providing you with a sense of security and allowing you to enjoy the benefits of owning rental properties with peace of mind.
At Portland Rental Management, we have decades of property management experience in the PDX area that saves busy owners thousands of dollars per year and hundreds of hours in wasted DIY efforts.
Let our team manage your Portland Oregon Rental Property so that you can enjoy true passive income from your property once again.
Learn more about the services that we can offer you by calling us at (503) 646-9664 or click here to connect with us online.
