Property owners are often capable of managing their rental business, but in some cases, hiring a professional property manager might be the best option to optimize operations and maximize rental income. There are signs you should look out for to determine whether a property management company might benefit your business.
Signs That You Need an Expert Property Manager
Delays with Rent Collection
Collecting rent is arguably the most important aspect of a rental business since it finances operations and keeps the place running. It's not uncommon to encounter tenants who might not be able to pay on time if at all. In these cases, you’ll worry about late fees and potential tenant disputes stemming from those fees.
Irregular rent collection can also make you appear like a lax landlord, which can cause problems since tenants will start to think it's okay to pay rent late. This can significantly affect your rental income in the long run and cause you to deal with more tenant complaints for not having consistent transactions with every tenant.
Poor Communication
One of the many landlord duties you need to pay attention to is communicating efficiently when it comes to tenant requests and concerns. Maintenance requests or repairs for property damage, for instance, must be addressed as soon as you can to avoid tenant issues. Bad communication can even affect rent collection in some cases.
It helps to have communication channels for things like providing direct contact details. By hiring a property manager, you can offer your tenants access to effective communication 24/7. Companies like us at Green Tree Property Management even have in-house tenant portals that allow for streamlined and convenient service request submissions.
Your Property Has Negative Earnings
It's easy enough to mishandle funds when you cannot do proper accounting, as well as pay excessive fees to vendors. Maximizing your property value can be achieved in several ways, and among them are learning how to budget and looking for low-cost vendors without compromising quality.
Property managers usually already have access to a network of vendors and due to the business they bring to them, there are discounts you can take advantage of. Since it is within their area of expertise, they can also handle financial management, allowing you to have a more comprehensive look into your expenditures and earnings to make appropriate adjustments for better investment returns.
You Can't Find Good Tenants
Prolonged vacancies will lead to your rental property suffering income-wise. Hiring a good property management company means that you will also be able to utilize their effective marketing strategies, especially for property managers who have been in the industry for a while and are current on certain marketing trends.
A property management company will also know how to find high-quality tenants by having a meticulous tenant screening process. A good property manager will cover all their bases. If you have a current property management company but still encounter bad tenants, you might need to hire a new property management company for your investment property.
Lacking Knowledge of Rental Laws
Knowing rental laws is an essential skill to have in rental property ownership. Knowing state and local laws will ensure that you can avoid legal issues and provide a positive tenancy experience for your renters. If you're unfamiliar with them, then hiring a property manager is the next best thing since it is their job to know these laws.
Property managers will know every law related to rental property operations to ensure legal compliance, such as fair housing laws during tenant placement, as well as building ordinances when they conduct regular inspections and attend to maintenance issues.
Poor Time Management
Property management can be time-consuming, especially if you have multiple properties to oversee. This is where hiring a property management company makes more sense for property owners, as a hands-off approach will help you save time and pursue other profitable ventures.
Most property managers offer services that cover everything such as handling maintenance requests, rent collection, routine inspections, resolving tenant disputes, accounting, and eviction. This is highly recommended especially if you don't live within the same area of the rental property.
Factors to Consider When Finding a Property Management Company
Experience and Expertise: Do your due diligence and research the options you have for property management. Make sure that they have the right expertise to handle your business, as well as have a team of experts for various aspects like rental analysis, marketing, rental laws, and more.
Services Offered: Depending on what you need a property manager for, look at the services that the company offers before you hire them. If you need full-service property management, there are plenty of options you can choose from.
Price: Based on what they can do for you and the experience they have in the rental industry, you can tell whether the price is justified or not. Look for companies that have transparent pricing structures to avoid hidden costs.
Customer Reviews: You can't fully rely on businesses when they tell you that their services are worth the fees, but you can refer to online reviews for more honest insights. You can usually find them on social media or the property management company's website.
Technology: In the modern age, the company needs to offer digital services for landlords and tenants, as well as use available technologies to streamline operations. A few examples include tenant portals, automated rent collection, property management software, and even online rent payment options.
Why Hire Green Tree Property Management?
Our company can help you with all of the property management needs you might have in Nashville. Our services include marketing, tenant screening rent collection, maintenance, accounting, and evictions— truly full-service property management.
Just sit back and earn passive income as we shield you from the stress of being a rental property owner. We have dedicated team members who can fill you in on how we can maximize the value of your rental property, and the first step is contacting us!