If you own an investment property but find it challenging to handle all the work that comes along with it, consider hiring a property manager. This takes a massive load off your back so you can collect your passive income with ease. Follow along for some benefits of hiring a property manager!
A great property management company will take your property and make it "rent ready." This will entail making minor improvements like remodeling areas or upgrading old appliances. They will complete an inspection before the unit is rented to keep a record of conditions and contents in case of any disputes or damages in the future. They will also hire a professional cleaning service before showing it to potential clients.
Having the rental in optimal condition could mean being able to charge a slightly higher price for the property too and attracting a more professional tenant!
The property management will set the rent price based on the size and quality of your property and your location. Some areas are more sought after if close to business and social centers. Having amenities like accessible transportation, shopping, and schools close by will attract a higher price. Your property manager will take all of this into account and will research what neighboring properties are charging to set your rental cost.
By using a property manager, you are getting a higher-quality tenant. Potential tenants are screened to make sure they have no previous convictions or evictions, have a stable income, and can demonstrate the ability to pay in full and on time. By meeting potential renters and checking references of previous landlords, they will know if they are organized and honest people. You will be less likely to experience property damage and late or missed payments in this way.
Finding a good tenant that will rent your property long-term will also save you so much time and money in the long run. You won't be dealing with the loss of earnings through property vacancy between short-term rentals and the leg work involved in securing new tenants.
Being a landlord can be a full-time job, but often you will find that most landlords are leasing property as a side hustle. Preparing advertisements, interviewing and showing to potential renters, drafting rental agreements, managing inspections, collecting rent, and coordinating property upgrades and maintenance are just a few of the tasks a landlord would need to juggle. Not to mention, there can also be reams of paperwork to fill and file.
In many cases, a landlord may not even live in the same area, meaning that they cannot frequently check in on the condition of their property or provide emergency maintenance should the tenant need it. You can rest assured that all of these tasks would be taken care of professionally with a property manager.
Having a professional managing your rental is great for avoiding potential legal disputes. It's possible that you could run into a costly legal battle if you were unable to keep on top of maintenance and repairs, for example, and living conditions became a threat to your tenants' health and safety.
In cases like this, the tenant is protected by law and within their rights in to sue you If something did happen out of your control and a tenant tried to take advantage of a bad situation, the property manager could deal with them in a way that would avoid any dispute.
GM Holdings provides all the above benefits for residential and commercial properties! We take the leg work out of leasing and streamline the entire rental process from start to finish, making your property work for you. If you're looking for a property manager in the Philadelphia area, contact us today!
