34% of Americans believe real estate is the best long-term investment. High prices and a volatile market haven't dampened the world's faith in it.
One way it differs from other options such as stocks and gold is that it isn't a one-time investment. You need to continually pay to maintain and manage each property in your portfolio.
Investing in experts to help handle it all is one of the wisest things you can do in the long term. Read on to learn the four benefits of hiring property managers.
1. Saving Time and Money
Hiring a property management company prevents costly repairs or legal issues. It also keeps vacancies low with rental income coming in. This saves you money in the long run and increases the property's profitability.
The amount of time you'll save is priceless. Having a professional to efficiently handle your daily landlord responsibilities lets you focus on other priorities.
2. Tenant Management
Tenants are the most important part of any rental property. Property managers advertise the property to get them interested and then perform a thorough screening process. This provides two benefits. It protects you from dangerous tenants while also making sure they're financially stable enough to pay rent.
13.7% of renters are behind on payments. This makes profitable rent collection more difficult than ever. A property manager can help by setting a fair rate, making payments easy, and handling evictions.
Proper tenant communication keeps them on the property. The manager acts as your go-between to respond to requests. They'll speak honestly and respectfully, creating a relationship that makes them want to stay.
3. Legal Compliance
The list of required compliance and regulations for landlords starts at the local level and then goes up to state and federal laws.
Take the housing laws in Tennessee that regulate tenant screening. They include the federal Fair Housing Act and the Tennessee Human Rights Act. Application fees must only cover the costs incurred in the screening process. Any information gathered must be stored securely and disposed of.
A property management company has a team of legal experts. They'll keep you informed about any changes to the laws and make sure you follow all of them. They'll also handle the eviction process, one of the murkiest areas of being a landlord in terms of compliance.
4. Maintenance
Handling every tenant's maintenance requests is like playing Whack-a-Mole. You handle one, and another pops up.
A property manager gives you an extra hammer. Their professional maintenance team can go to any needy tenant so that you don't have to worry about them.
They'll also keep the property looking and running at its best with preventative maintenance. It keeps a minor inconvenience like a leaky faucet from becoming a major problem like a flood.
Which Property Managers Should I Choose?
Property managers are a wise investment for any landlord. They save time and money, keep tenants happy, help you collect rent, ensure legal compliance, and help with immediate and future maintenance issues.
Green Tree Property Management is the premiere property management company in Tennessee. Our experienced team handles every part of the process, and we charge no marketing or upfront fees. Contact us to see how we can help you turn your property into a profitable investment today.
