Many property owners ask why they need a property management company at all. They imagine that it’s easy enough to take care of everything on their own. Some landlords are able to successfully manage their own properties, but they quickly realize that it takes a lot of time and requires a lot of specialized knowledge. There are several good reasons to use a professional property manager, and we want to talk about those reasons with you today.
The first and possibly most important reason that you should use a professional is the legal implications. The laws pertaining to property management, renters’ rights, fair housing and discrimination are complex and they are constantly changing. A property manager is able to stay up to date on the legal requirements of renting out property. We take classes, attend conferences and consult with real estate attorneys, brokers and others who are experts in the field. Unless you have time to become a legal expert, a professional property manager can really help you.
Property managers also protect your financial interests. There is a lot more to managing a property than buying the house, getting a tenant moved in and collecting the rent. You have to be prepared to act immediately when your renter isn’t paying on time. There is a specific procedure to follow when you have to use the court system in order to get the rent you are owed, and if the tenants really fall behind in paying their rent, the eviction process may be inevitable. A property manager can stay on top of that for you and make sure you get the rent you are due.
Handling maintenance issues is another benefit to using a property manager. If you are thinking about doing it yourself, you have to be prepared for phone calls and emergencies in the middle of the night, over your weekends and on holidays. You have to be quick and responsive; don’t let squeaky doors and leaky faucets sit. A property manager is equipped to respond immediately, which shows the tenant that you care about the property and about their safety and comfort. Psychologically, they will be willing to take better care of the property and pay rent on time when they know you are holding up your end of the deal.
We work hard to be good a property management company to our clients. If you’d like to hear more about how a property management company can help you, please contact us at Stokley Properties.