Property Managers Save You Money

Being a landlord is a big job. You usually don’t know all there is behind the job until you have started doing the job. Late night calls, money management, repairs, and showings are just a few of the many things that you will have to manage. All the time you spend working on those things is money.

Not to mention, if you make the wrong move, you could hurt your investment. Potentially even make your investment go under.

Instead of taking the whole load on yourself, you could hire a property manager. Property managers save you money and make your life easier. How exactly does hiring someone save you money?

Quicker Filling Of Empty Units

One of the biggest money pits is having an empty unit. If you have a busy schedule and cannot show a unit, you are losing out on a lot of money. Property managers ensure that units get filled and are able to do so very quickly. They don’t just show the unit but they manage the advertising and listings across the internet.

With all of their connections, property managers can also help tenants from other buildings find a lease on your properties if it meets what they are looking for. One of the ways that property managers save you money is by the beneficial relationship you establish.

Better Screen Processes

No matter how good you are with people, you probably don’t have access to the same screening resources as property manages. If you wanted to, you’d have to pay an arm and a leg. Instead, property managers have subscriptions that cover all of their properties.

Not just that, the better tenants that they are able to find are less likely to not pay. Ensuring that you don’t have a vacancy.

Talking about pay, the property managers tend to have better rent collection procedures and policies. Whether it is using a collection company, having multiple methods of payment, and similar methods they help to ensure you get paid.

Reduced Fees

Having a lot of properties that need to be managed means that you can often get reduced fees. Your repairmen and attorneys aren’t the only ones that offer bulk discounts. Property managers will often offer you reduced fees for multiple properties. You are giving them a large amount of business after all.

Less Legal Problems

Without an experienced property manager behind the wheel, you are bound to run into legal problems. Even if it is just to evict tenants. A property manager takes care of as many of the legal problems as possible before they arise. They do this by knowing all of the ins and outs of property law and renters law.

Property managers also have in-house counsel and partners that they can recommend in order to save you money. This can be a big cost saver. Legal fees have broken investment companies before.

For smaller issues such as evictions, the property manager can take of. Evictions can be a long and complicated process but the experience that property managers bring to the table can make that easier.

Preventing Repairs

Property managers are on your investment properties more often than you are in most cases. Not everything they do is directly related to the tenants. A good portion of their job is spent scheduling repairs and working with vendors to ensure your property is running smoothly.

They also work to prevent the need for repairs. They do this by scheduling regular service that different parts of the property might need. Regular inspections are part of their jobs. During these inspections they can notice potential problems with properties before they escalate.

Maintenance is typically a lot more affordable than repairs or replacements.

Your Time

Your time is money. It isn’t just a saying. All of the time you spend doing property management could be spent reinvesting your money, working another job, or being with your family.  A property manager takes on most of the property tasks for you.

Property management is a big industry. An industry that is incredibly helpful to landlords and investors. The amount of work that you put into your investment can be better spent elsewhere. So can the money that goes behind that time.