Would Your Portfolio Benefit from a Property Manager?

By Johana Williams

Like any other investment you make, properties need to be carefully managed and looked after so would your portfolio benefit from a property manager?

If you own property for rent, then you will already be aware of the challenges involved.

Rental properties often need us to be very attentive; the idea that this is simply “passive income” that requires minimal input is an outdated concept. To get the most out of a real estate investment, you need to be willing to do one of two things:

1.     Commit your time to managing the property as you would any other business, or
2.     Hire a professional property-management company that can do this for you.

Like any other investment you make, properties need to be carefully managed and looked after.

They require constant supervision and analysis, as well as continual connections with the people renting from you. Think about how much goes into managing your property: You need to first invest in the building, maintain its condition and amenities, market the property, prepare the legal documentation for tenancy, and then find a tenant you can trust. Then, you need to maintain contact with maintenance vendors, such as trade professionals.

It’s a lot, right? You are not alone if you feel like your “passive” investment isn’t very passive at all!

With that in mind, many property owners – especially those in major real estate locations – benefit from hiring a property-management company. Would your property portfolio benefit from the same?

Time Versus Money: The Owner’s Dilemma

The first reason many people avoid hiring property managers  is the cost. Property-management companies take a percentage of the property’s income in return for managing the property. However, given the time-sensitive nature of modern life, many property owners are happy to give up that little bit of profit to reclaim personal time or more easily make time for future business endeavors!

When you hire a property manager, you no longer need to stay within the local area of your property, giving you more time to do other things. You could move to a new country or head off on holiday without worrying that your tenant(s) will run into issues. A property manager takes on so many of the mundane yet vital tasks involved in property management that you cannot help but feel the benefits of having your time back.

There is also the fact that, with a property manager being the first responder to any tenant troubles, you do not have to be on-call at all times. Worried about having to miss out on a fun evening with friends in case of a storm brewing? Leave it to your property manager.

Benefiting From Manager Expertise and Experience

However, while the cost mentioned above is a valid concern, there are always costs necessary for a successful business model, and they are often worth paying. A property-management company is involved, and they deal with everything. They market the property and manage its maintenance using quality contractors and even tenants. Property-management firms have specialists who handle just about everything involved, meaning you carry far less personal burden.

That can be a good thing because all you need to do is wait for your payments to arrive. When inspections need to be carried out, your property manager does them for you. The best property-management companies use licensed professionals, from real estate agents and marketers to licensed contractors and trade professionals with all the right connections and certifications. As such, they can often secure better rates for supplies and professionals.

You benefit from their experience of dealing with surprise situations, too. While you might be blindsided by an overnight flooding or a shock legal dispute with a tenant, property-management companies have seen it all.

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Looking for the next level of landlord software before handing off to a property manager?

Hemlane is a software that is built to grow with your needs as a landlord.

For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on. 

Hemlane offers complete financial support as well.  You can link multiple bank accounts for direct deposit rent payments, add automatic late fees, sends reminder notifications to your tenants, and has a detailed profit and loss statement that can includes automatic and manual uploads of income and expenses.

It gets better!  If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.

You can try Hemlane out FREE for 14 days (no credit card required) to see if its a good fit for you!

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Consistent Performance

Another nice benefit, is that tenants tend to stick around longer when a property manager is involved. This is simply because things get done on a more routine basis, mistakes are more easily avoided, and response times are better. The best property managers have staff on-call 24/7, so any issues receive near-immediate responses.

Performance comes down to tenant selection and retention, as well. The best property-management companies find quality tenants and keep them around longer. This means fewer gaps in rent payments, because quality tenants pay on time and stay in the building longer. Not only do you get better tenants, but they stick around, and you don’t have to get involved in messy evictions because your property manager will handle that for you. The efficacy and overall experience of the propert- renting process becomes much better when you have dedicated managers.

As you can see, a property-management company could be the time-saving solution you need. They can also boost property performance and provide the answers you want. If you are sick of having to solve every problem that pops up with your rental property portfolio, involve an expert. Hire a property manager, and see how much time you can claw back each year. After all, time is money.

Investing in property is supposed to give you a lease on life and personal freedom, right? Well, with a property manager, that becomes a realistic goal instead of a pipe dream. Suppose you want to make sure that your property investment pays off; like anything else in life, it pays to leave matters in the hands of experts you can trust. Learning on the job as a property owner can become very expensive.

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