Do you own an investment property that you want to rent out and are you currently taking care of all the chores of being a landlord yourself?
Are you considering investing in rental property but not sure if you are up to the task of being a landlord?
If you answered yes to any of these questions, whether you are holding or considering investing in a single-family rental (SFR), duplex or triplex, you should consider hiring a professional Manhattan Property Management company to ease your load.
Let's take a look at what property management is, what a professional management company handles, and how to decide not only whether to hire a property management company, but also how to hire the right one.
What is property management?
Let's start by understanding what property management companies do and don't do. A property manager can help you with several key tasks.
Set the right rent: You can get a general idea of this by looking at classified ads, but a good property management company will actually do thorough market research to set the rent for your property. This ensures you have a good balance between maximizing monthly income and keeping vacancy rates low.
Collecting rent: One of the most difficult aspects of being a landlord is collecting rent. Property management companies have efficient, reliable systems for collecting rent and keeping payments on time.
Marketing and advertising your rental unit: When a vacancy occurs, you want your rental unit to be occupied as quickly as possible. A professional property management company has the experience to help it market your property at the right price to ensure someone moves in quickly.
Find and manage tenants: The property management company will do the work for you to find and manage tenants. This means screening new tenants for criminal and credit checks, gathering references and signing leases. Once the home is occupied, handling routine and emergency maintenance and inspections is part of what a professional management company will do for you.
Manage relationships with contractors and other suppliers: Do you have deep relationships with all the maintenance workers, traders, contractors, vendors and suppliers you need to properly manage your lease? maybe not. However, a property management company does and can give you the best job at the best price while taking the burden of overseeing the necessary maintenance items for you.
Keeping You Legally Compliant Housing regulations and property laws can be complex and confusing when it comes to renting and maintaining your rental property. These may include local, state and federal regulations, as well as fair housing regulations such as the Americans with Disabilities Act. A property manager can keep you out of hot water by keeping your property up to date and complying with all of these regulations.
Allows you to invest from a distance: If you move to a place where it doesn't make sense to invest in a rental unit, you may think investing in an SFR or other rental property is impossible. With a good property management company around, investment opportunities will not be so limited.
I only have one property; then why do I need a property manager?
If just reading about all the tasks a property manager can handle for you isn't convincing enough, consider this: Would you like to be able to go on vacation undisturbed? Do you really like to call an alternate pipeline at 3:30am?
Chances are, you want the freedom to get out of town for a holiday, or just spend an undisturbed holiday with your family. You don't like the task of dealing with urgent maintenance chores in the middle of the night, and you may be afraid of the idea of trying to find a good tenant when your existing tenant moves out.
Even if you only have one rental investment property, you can benefit greatly from rental property management services. They have decades of experience that you'd be hard-pressed to match yourself with, and can ensure your property is impeccably maintained while still maximizing your profits.
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