A professional property manager can be a valuable investment in Washington. Here are the top reasons why hiring one is usually your best bet:
One of the most important decisions to make as a real estate investor is whether or not you should hire a property manager to handle your rental properties. Can you effectively manage your properties on your own? Some people do so quite effectively, but for many landlords it makes more sense and pays off in dividends over time if they invest in an experienced pro who will take care of things like screening tenants, collecting rent payments, overseeing maintenance issues such as repairs and replacements during tenant occupancy—and much more. Whatever path you chose though; it’s wise that you’re informed because making this decision isn’t something that happens overnight – rather choosing a great manager can and should be a beneficial relationship.
1. You’ll make more money with a property manager
A good property manager will save you money over the long haul by finding qualified tenants and managing all aspects of your landlord-tenant relationships (collect rents, take care of routine and emergency repairs, handle conflict situations). When one of your properties is vacant a management pro knows how to find new tenants quickly decreasing income loss due to vacancy. They also conduct thorough market studies so they can set an optimum amount for rent in each specific market.
2. Property Managers help you navigate laws
Landlords need to ensure that they comply with all state and federal laws regarding discrimination in screening and choosing tenants so as to avoid legal hassles. If you want to evict a tenant, those who know how efficiently handle it within the boundaries of applicable law are good property managers. A lawsuit from disgruntled tenant can cost thousands even if one prevails – this is just what landlords have on their plate now since COVID crisis further complicated matters
3. Your time is valuable
As the investor, you can and should be spending more time analyzing deals for your next property. You don’t need to be answering tenants phone calls when they complain about a broken appliance or that the neighbor is being too loud. Let a property manager handle those calls and even deal with the hassle of collecting rent. And in the worst case, PMs can handle evictions if necessary.
4. Let the PM handle maintenance and contractors
As an investor, you know that eventually you will need the services of a handyman, contractor and tradesmen. Do they even know who to call when in need? Maintaining relationships with vendors is time-consuming as it requires both work and expertise. A savvy property manager not only knows which phone number to ring at 8 pm but also oversees all maintenance projects making sure everything gets done on time within budget too!
5. Give yourself peace of mind
Property managers give you a buffer between your phone and the tenants. It’s such a relief knowing that someone is watching over the best interests of your property and you don’t have to. You’ll go to bed easy knowing there’s a person who can handle 90% of the situations that could happen with your property. That means you’ll only be pulled in when it’s a true emergency (which hopefully is rarely). Let a professional help you maximize your time and increase cashflow over time. Hire a property manager today.