Have you been thinking of hiring a property manager but you’re not sure if it’s the right time to make this decision, or if you should continue managing your properties yourself?
There’s no denying that many investors, and realtors, are advocates for DIY property management but, the reality is saving more time out of your day is the #1 reason why you should hire a property manager because, when you have more time, you can focus on growing your business.
Here are some of the ways that a qualified property manager saves you time:
1. Tenant Management:
Tenant Screening: Property managers handle the process of finding and screening tenants. This includes advertising vacancies, conducting background checks, and verifying rental histories. This helps owners avoid dealing with the time-consuming aspects of tenant selection.
Lease Preparation and Enforcement: Property managers take care of drafting lease agreements and ensuring that all terms are clearly defined. They also enforce lease terms, handle lease violations, and facilitate evictions if necessary.
Communication: Property managers act as a buffer between owners and tenants. They handle routine communication, address tenant concerns, and manage requests, reducing the owner's involvement in day-to-day tenant interactions.
2. Property Maintenance:
Routine Inspections: Property managers conduct regular inspections to identify maintenance issues early on. They coordinate repairs and ensure that the property is well-maintained, saving owners the time and effort of overseeing these tasks.
Emergency Repairs: Property managers are on call to handle emergency repairs, reducing the owner's need to respond to urgent maintenance issues.
Vendor Management: Property managers have networks of reliable contractors and maintenance professionals. They can efficiently coordinate and oversee repairs and renovations, saving owners the hassle of finding and managing service providers.
3. Financial Management:
Rent Collection: Property managers handle rent collection, ensuring timely tenant payments. They can also enforce late fees and manage the eviction process for non-payment.
Bookkeeping and Financial Reporting: Property managers maintain detailed financial records, giving owners regular reports on income, expenses, and overall financial performance. This simplifies tax preparation and financial analysis for owners.
Budgeting: Property managers assist in creating and managing budgets for property-related expenses, helping owners plan.
4. Legal Compliance:
Knowledge of Regulations: Property managers stay updated on local, state, and federal regulations related to property management. They ensure that the property and its operations comply with all relevant laws, saving owners from potential legal issues.
Evictions and Legal Proceedings: In the unfortunate event of evictions or legal disputes, property managers handle the legal processes, saving owners time and stress.
5. Time and Stress Reduction:
Handling Emergencies: Property managers deal with emergencies and unexpected issues, allowing owners to focus on their other responsibilities without constant disruptions.
24/7 Availability: Property managers are often available around the clock to address tenant concerns and emergencies, relieving owners of the need to be constantly on call.
In summary, property managers offer a comprehensive set of services that streamline the management of real estate properties, allowing owners to enjoy the benefits of property ownership without the day-to-day operational challenges.
Contact GoldenWest Management
At GoldenWest Management, our property management team has 2 decades of combined experience managing investment properties in Southern California, Nevada, and Arizona.
To learn more about the services that we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
