Considering hiring a property manager? You probably already know the benefits of having a property manager oversee your investment, but how about the cons? Here are some of the things to consider: the cost, the time involved, and potential problems with tenants. The pros and cons of hiring a property manager are detailed in this article. Make sure you read through them carefully before making your final decision. Whether it’s the convenience, low-cost rate, or the hassle of interacting with tenants, this article will cover all the basics.
Cost of hiring a property manager
One of the first questions you should ask when considering hiring a property manager is what they charge. Some property managers charge a monthly flat fee, while others may only charge for certain services. These fees are usually less than 8% of collected rent per month, but you can negotiate with your property manager if you need to. Other fees you may encounter include advertising and tenant screening, and inspection fees. Make sure you know what you’ll be paying, and set a budget for your property manager.
Another question to ask is whether it’s worthwhile to spend a monthly or fixed fee to hire a property manager. While you’ll save money if you hire a cheaper company, this may end up costing you in the long run. After all, you’re investing in a rental property, so spending money on a good property manager is crucial. Hiring a good property manager will increase rental value, decrease vacancy rates, and save you time.
The time-consuming task of property management can leave you with a slew of responsibilities. Not only must you handle routine maintenance and tenant complaints, but you must also serve legal notices, attend court hearings, and remove tenants’ personal items from the property. Your property manager can also mediate disputes between tenants, handle emergency repairs, and create rules and regulations for the neighborhood. They also monitor security systems, fire safety, and health codes, and ensure that the property meets local laws and code requirements.
Aside from managing tenants, property managers must also study local and federal laws, including fair housing laws. This means that they spend a significant amount of time reading all the laws regarding the management of rental property. They are also on-call around the clock, dealing with issues like payments and lease agreements. In short, a property manager’s role is like a second career. Luckily, technology can make the task of managing property much easier.
Problems that can arise with tenants
Tenants may occasionally have problems and landlords should be aware of these and be proactive in dealing with them. It is essential to follow up on maintenance requests promptly and respectfully and listen to your tenants’ feedback. Taking proactive measures to address problems is one of the best ways to avoid them altogether. Here are some tips to make dealing with tenants easier:
Listen to tenants: Landlords often overlook complaints and issues raised by tenants. They are quick to blame tenants, especially if they start off with an attitude. Always make sure that you are listening to all tenants. Whether you are a new landlord or an old one, tenants can raise their voices and try to get attention. Try to listen to each complaint and take action if necessary. Keeping your tenant happy will benefit both of you.