Why hire a property Manager

Being a landlord can have its rewards, but it's not without its challenges. For many Do-It-Yourself landlords, the day-to-day responsibilities of managing rental properties can be daunting. From tenant screening and rent collection to day-to-day maintenance requests, emergency repairs and perhaps most scary of all - legal compliance, the demands of managing your own rental property can be overwhelming and risky. We would argue that the stress, frustration and potential legal liability outweigh the risks. The solution is professional property management. Here are nine reasons why we think DIY landlords should consider outsourcing these responsibilities to professional property managers.

1. Tenant Screening: 

  Professional property managers have refined processes for tenant screening, ensuring that reliable, responsible tenants rent your property. Property managers should conduct thorough background checks, credit screenings, and rental history verifications to an applicant’s last two landlords, thereby reducing the risk of problematic tenants who may stop paying their rent, cause significant damage to your property - or worse.

2. Rent Collection: 

  Collecting rent can be a hassle, especially when dealing with late payments, NSFs or delinquent tenants. Using the latest property management software, professional property managers collect the monthly rent efficiently and accurately, enforce lease agreements and take appropriate action when the rent hasn’t been paid. 

3. Timely Maintenance and Repairs: 

  One of the best ways to ensure profitability is by minimizing tenant turnover. Property managers who focus on tenant satisfaction by promptly responding to tenant maintenance requests is key. A good property manager will quickly dispatch vendors, communicate with tenants and owners throughout the repair request process, update and track work order notes and pay vendors as part of their standard operating procedures. Additionally, sending skilled, professional maintenance techs or vendors who are licensed, insured and presents themselves on time, and as knowledgeable is critical to gaining the tenants confidence. 

A property manager’s primary objective should always be to keep tenants satisfied while addressing maintenance issues quickly, in a cost effective manner, before they become emergencies. From routine maintenance to emergency repairs, property managers have a network of reliable contractors and vendors, sparing landlords the hassle of managing these tasks themselves.

4. Legal Compliance and Risk Mitigation: 

  Keeping up with to date on landlord-tenant laws and regulations can be daunting - especially in California. DIY landlords who are not familiar with the intricacies of the latest legislation coming out of Sacramento or local jurisdictions are putting themselves at risk. Professional property managers stay up-to-date on legal requirements and ensure that landlords adhere to their lease agreements and remain compliant the landlord/tenant law, reducing the risk of costly legal disputes or penalties.

5. 24/7 Emergency Response: 

  Property managers provide around-the-clock emergency response services, ensuring that tenants have access to assistance whenever they need it. From water leaks to power outages to key lockouts, good property managers are set up to handle emergencies promptly, giving landlords peace of mind knowing that their property and tenants are taken care of.

6. Professional Marketing and Tenant Acquisition: 

  Property managers leverage professional marketing strategies to attract high-quality tenants. By utilizing multiple online listing platforms, Realtor Multiple Listing (MLS) Services, professional photographers, social media, and other advertising channels, property managers can reach a wide audience of potential renters, minimizing vacancies and maximizing rental income for landlords.

7. Effective Communication and Tenant Relations: 

  Property managers act as intermediaries between landlords and tenants - a firewall - handling communications, inquiries, and disputes professionally and diplomatically. They strive to maintain positive relationships with tenants, addressing their concerns promptly while ensuring that the lease agreement and their landlords requirements are being met. 

8. Homeowners Association Intermediaries: 

  Property managers may also act as intermediaries between Homeowners Associations and tenants, saving landlords the hassle of passing along HOA violation letters, common area maintenance communications or changes in HOA parking rules, to name a few.

9. Transparent Financial Reporting: 

  Property Managers provide transparent monthly and annual financial reporting to landlords, detailing income, expenses, and property performance. With access to comprehensive financial statements and reports, professionally managed property landlords can track their investment's performance accurately and make informed decisions.

By removing the every-day hassles involved in owning a rental property, professional property managers provide numerous benefits for landlords by relieving the stress of day-to-day property management. From expert tenant screening and efficient rent collection to timely maintenance and legal compliance, property managers handle the complexities of rental property ownership, allowing landlords the benefits of passive income without the associated headaches. By outsourcing property management responsibilities to experienced professionals, DIY landlords can optimize their investment's performance and achieve peace of mind.