If you own a rental property in the Denver area, chances are that it’s a big investment in time and money. One of the last things owners of expensive rentals want to do is put more money and time into it. At first, hiring a property manager might seem like just another expense. However, those up-front costs will pay for themselves. Here are some of the many ways that a property manager can save you time and money:
It’s simple– If your rental property is vacant, you aren’t making any money. Reducing vacancy rates is arguably the biggest money saver. The time and money you spend on tenant screening, placing tenants, advertising and drafting lease agreements is much better spent on hiring an experienced property manager who knows the area and the market trends. Additionally, property managers have good vendor relationships which means they can get a maintenance issue fixed a lot quicker and are priceless when you are out of town.
Property managers have resources to ensure only quality tenants occupy your rental property. This includes services like background checks and tenant screening. Property owners with little experience tend to advertise too small, or even on the wrong platforms. Here at TJC, we have the expertise to maximize your reach when advertising your rentals. We can showcase your properties across the internet, on multiple platforms. Whereas, an inexperienced property owner may only post on Zillow. Handing these duties over to an expert property manager not only saves you time, it also relieves the pressure on you to find the perfect tenants.
What some new owners don’t realize is that collecting rent from your tenants isn’t always easy. Even if you have amazing tenants, there is bound to be an issue sooner or later. Hiring a property manager will make rent collection much easier because they can provide multiple, convenient ways for your tenant to pay their monthly rent. Additionally, any failure to pay rent on time will be met with consequences written into the lease– making the property manager the “bad guy” and not the owner. Finally, your property manager will likely stand behind you in court, if necessary, to help you reclaim all costs that have resulted from a non-paying or destructive tenant.
There is so much to know about the laws surrounding property management. Unless you know every federal, state, and local landlord-tenant law, it is much safer and time effective to hire a property manager who already knows the rules and regulations that relate to leasing a rental property. In addition to saving you time, a property manager helps to eliminate the risk of of unforeseen legal issues that may escalate and land you in court. What you don’t know can hurt you.
When it comes to maintenance and repairs, many new owners think that they can handle all repairs themselves. However, many owners soon realize that they don’t have the knowledge or skills to handle a lot of the repairs, hate midnight calls and don’t have a list of reliable vendors who are affordable, and readily available. This learning process ends up being a huge waste of time and money. Instead, it is best to hire a property management company from the start that has a 24/7 maintenance crew to handle all maintenance requests.
All in all, hiring a property manager pays for itself and then some. Their knowledge and connections will save you a lot of time and money because they already have a great pulse on the market, and you can relax and enjoy the extra income.
Brought to you by Tara Schumann, Social Media/Marketing Manager for TJC Real Estate and Management Services.
Your Neighborhood Realtors® Since 2005