It goes without saying that there are numerous ways a property management team can help to eliminate the stress of renting out your home. From securing the right tenants to handling maintenance requests, the decision to enlist professionals to support your rental operations can significantly improve your experience and that of your future tenants’.
However, as with most things, you may be interested in further understanding the benefits of working with a property management team prior to letting just anyone manage your property.
So…What Exactly is a Property Manager?
Property management teams are introduced as a third party to help facilitate the
tenant/landlord relationship. When property owners hire a property manager to manage their home, they hire them to handle the operations of their investment so the property owner can be hands-off while still earning a return on their investment.
From identifying qualified tenants to handling eviction processes, a property manager’s duty is to assume responsibilities that would otherwise belong to the property owner. While operating a rental is possible without the help of a professional team, the support of an experienced property manager can significantly impact your success as a landlord.
Eliminate Emotional Decision Making
Arguably, one of the biggest advantages of enlisting professional support is making
decisions based on facts and not emotions. Remaining neutral and relying on current market
real estate trends to dictate decisions can help to save time, money, and other opportunity costs.
As an industry that’s subject to rapidly changing laws and trends, it’s the responsibility of a property
manager to remain informed on the latest regulations. Failure to do so can result in hefty fines,
lawsuits, and other serious consequences that could impact the ability to continue renting out
High Return on Investments
With fluctuating rental prices, property managers can ensure your rates align with the current
market. In addition to competitive pricing, they can also leverage professional vendor
relationships to secure reduced pricing on any repair or upkeep services. By reducing
maintenance costs and optimizing rental prices, you can help effectively protect your bottom
line without having to lift a finger.
Secure Qualified Tenants
Another significant benefit of working with a property manager is relying on them to identify
and secure quality tenants. This includes background checks, references, and evaluating their
financial history to determine whether or not they’re capable of consistently paying rent on
At FYVE, we run background checks, landlord references, employment verification, and evaluate their financial and rental history to determine whether or not they’re capable of consistently paying rent on time.
Handling the Tenant/Landlord Relationship
Your property manager is responsible for facilitating the relationship with your tenants. From
collecting rent to handling late fees, they will be involved with any and all transactions or
communication involving the tenant.
Around the Clock Tenant Support
It’s important to provide tenants with the proper support needed to address any immediate
concerns. Whether it be a broken pipe during early morning hours or a flooded bathroom while
away on vacation, these maintenance concerns tend to have a knack for occurring at the most
inopportune times. However, if working with a property management team, they’ll be
responsible for handling any immediate matters.
When choosing the right property manager to work with, they’ll serve as a valuable resource to
help eliminate stress, reduce risk and boost overall profits. From securing quality tenants to
enforcing legal contracts and facilitating communication with your tenants, you can rely on
them to make your experience as a property owner as seamless as possible.
Finding a property manager can be intimidating as there are so many out there. Not sure the questions to ask to find the right property manager? Check out Selecting the Right Property Manager post to learn what to look for in a property manager.
Ready to start working with a property manager? Contact us today!