As real estate enthusiasts and experienced professionals at Turnkey Properties, we’ve navigated the choppy waters of property management countless times. We understand the challenges, victories, and immense satisfaction of seeing a property thrive under expert guidance. Today, we’re here to share the ins and outs of property management with you. More specifically, we’re keen to highlight why hiring a professional property manager can be a complete game-changer for you. So, buckle up, and get ready as we explore the many advantages of using a property manager!
What is a Property Manager?
Let’s start with the basics. A property manager, in our book, is a real estate superhero. They’re the ones who take care of all the nitty-gritty tasks related to your property that you either need more time for or want to deal with.
A property manager handles everything from finding and screening tenants, handling maintenance and repairs, setting and collecting rent, dealing with tenant complaints, and even initiating evictions if necessary. Essentially, they’re your go-to person, ensuring that your property runs smoothly and effectively, making your life as a property owner much more straightforward.
- Quality Tenants through Proper Screening
Have you ever had the misfortune of dealing with difficult tenants? I hear you! One of the most significant advantages of using a property manager is their ability to find quality tenants. Our team at Turnkey Properties has seen thousands of applications, so we know how to quickly dig for the actual facts about candidates and analyze that information for warning signs. This results in reliable tenants that pay on time, rent longer, put less wear and tear on the unit, and generally cause fewer problems.
- Less Legal Problems
One troublesome tenant can cause significant legal and financial headaches. A competent property manager is knowledgeable about the latest landlord-tenant laws and will ensure you are not vulnerable to potential lawsuits. Each state and municipality have its rules, and these laws can change, so it’s crucial to have a property manager on your side who’s on top of these regulations.
- Shorter Vacancy Cycles
We all know time is money, which applies even more in real estate. Having a vacant property can be a significant drain on your resources. A property manager will help you perform critical tasks that affect how long it takes to fill your vacancies. These tasks include improving and preparing the property for rent, determining the optimal rent rate, and effectively marketing your property.
- Better Tenant Retention
High tenant turnover can be costly, with the cleaning, changing locks, painting the walls, and possibly even replacing carpets, not to mention the effort of marketing, showing, screening, and settling in new tenants. A good property management company has a time-tested tenant retention policy that ensures happy tenants with lengthy stays on your properties.
- Tighter Rent Collection Process
How you handle rent collection and late payments can be the difference between success and failure as a landlord. Hiring a property management company provides a buffer between you and the tenant, allowing you to be the excellent guy while they play the bad guy role of rent enforcer.
- Lower Maintenance and Repair Costs
By hiring a property management firm, you gain access to their in-house maintenance staff and their network of licensed, bonded, and insured contractors who have already been vetted for reasonable pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyperson yourself.
- Increase the Value of Your Investment
Preventative maintenance is achieved through a systematic maintenance and repair program, which can increase the value of your investment. Your property manager will handle regular maintenance checks to catch and address maintenance issues before they escalate into more significant problems.
Hiring a property manager isn’t an expense but an investment. It represents an investment in peace of mind, professional handling of your property, and, ultimately, in the value of your property.
Here at Turnkey Properties in Memphis, TN, we are committed to providing you with top-notch property management services that will take the weight off your shoulders. Because, after all, you didn’t invest in real estate to add more work to your plate, right? You invested to gain financial freedom and security.
So, let us handle the hard stuff while you enjoy the benefits of owning a property. Feel free to contact us for any queries; we’ll gladly guide you through the process. Remember, you’re not just hiring a property manager but gaining a partner in this journey. Let’s make the most out of your investment together! Take the next step by going here to schedule a free consult.