Are you thinking about venturing into the business of renting out real estate property? Well, that's a brilliant idea! The real estate business is certainly a lucrative one to invest in, but you need the right people to stay above your rivals. If you can't or just don't want to manage the rental property yourself, here's what a property manager will bring to the table:
Save you the hassle of dealing with tenant issues
Committing your money to a real estate venture is one thing; managing the venture is a whole different matter. Buying property for rental purposes is often a one-time transaction, which ends when the sales and purchase agreements have been duly signed and transferred. On the other hand, managing rental property means dealing with one or more renters on a regular basis, say, monthly or annually, and this can be rather hectic.
For example, you may not have enough time to deal with tenant concerns such as repairing an overflowing sewer drain in good time and thus make the rented property inhabitable, which may in turn result in tenant claims for compensation.
Allow you to rest easy knowing your rental property is in good hands
Since property managers make all decisions pertaining to the management of your rental property, you can take the back seat and relax knowing that someone is taking care of the property with your best interests in mind, especially financially.
If you charge rental rates that are above the market average, you risk losing out on existing tenants. On the contrary, if you set rental rates below what other real estate businesses are charging, then you'll be denying yourself a reasonable amount of profit, and this won't help grow the business.
Property managers constantly monitor changes occurring in the real estate market and will keep you updated on the latest rental rates so that you can review and revise the rates that you charge tenants accordingly. You might not know of the latest trends in the property market if you manage your rental property yourself.
Save you the trouble associated with being an employer
Property managers are independent contractors, so you don't having to worry about being an employer. Unlike resident managers who require you to pay their salaries and wages directly, property managers are responsible for the remuneration of the employees dispatched to take care of your rental property.
The fee that you pay to the company caters for all expenses including employee salaries and wages. Therefore, you won't have to engage in any employer-employee relationship, which can sometimes be very stressful.
Contact a property management group like Calibre Real Estate for more information on the services you and your property might benefit from.Share