Owning property is exceptionally rewarding, especially when leveraged as an additional stream of income. To fully maximize its financial potential, many owners partner with a property management company to facilitate the landlord/tenant relationship. From securing renters to managing work orders, these teams are dedicated to supporting owners with the resources they need to provide tenants and landlords with a quality renting experience.
Partnering with a property manager does require ample consideration as you want to ensure you’re finding the right property manager for your rentals. To help you decide, we’ve listed various circumstances indicating that a property manager could be a good idea.
Challenges in marketing your property
Securing tenants to occupy your property isn’t without its own set of challenges. It requires an understanding of the industry along with some degree of marketing experience. You need to have an idea about setting the right rental rates and the power to convince tenants to choose your property over others in the area.
Managing and advertising your properties through various social channels can help to optimize your success in securing tenants. You must be effective in analyzing your tenants to determine the possible leads that can convert. While executing these initiatives, you must also ensure you’re complying with laws and regulations.
If any of these factors are a challenge, you could benefit from working with a property manager. At FYVE, we take care of all of your marketing initiatives to ensure we can find a quality tenant that you can trust. You don’t need to have any background in social or advertising, as our team of experts will handle all of the work to find the right person for your property.
It can be tricky to manage a property you don’t live close to, especially when you need to address issues in person. From handling a work order or evicting a rowdy tenant, traveling to and from your property can become an expensive affair.
If the property location is making it hard for you to manage it or address essential issues, you should consider working with the manager. Property management companies have representatives in different areas, so when an issue arises, they will be in place to address it. Save money and time by relying on a professional team who can handle any issues for you.
Multiple properties that are overwhelming you
You might not need a property manager when you have a single rental, as you can collect all the dues and perform other tasks by yourself. But when you start expanding your property ownership, it can become a challenge to manage all of them properly.
Avoid costly mistakes that arise when you have too much on your plate, by working with a property manager. From handling difficult tenants to collecting rent, benefit from a dedicated team whose job is to enhance the rental experience for both you and the tenant.
Managing properties can be time-consuming and take you away from your other responsibilities. Sometimes, it might occupy your schedule and deny you a chance to enjoy life. If you have other jobs or commitments, you may find it hard to accomplish them while also managing the property.
If you begin to feel overwhelmed by renting out your property, it may be time to consider engaging with a property manager. With their support, you will be able to concentrate on your other commitments without compromising your rental income.
Lack of experience in property management
Like other jobs, property management requires some experience. You need to have insights on how to run the affairs from finding tenants, screening them, to setting the rental rates. Without some insights of the field, you may fall into the hands of the wrong tenants. Also, you may take long before getting tenants which will affect your income.
Fortunately, you can avoid these shortfalls by hiring a property manager. When working with a team like FYVE, you’ll benefit from a highly skilled team who’s committed to securing tenants and managing the rental experience. They also know how to deal with tenants and convince them that your rates are the best in the area. So, if you have zero experience in property management, working with a manager is the perfect idea.
It’s Not a Costly Affair
When working with a property manager, you should expect to pay a 5% – 10% commission. While some companies begin charging clients as soon as they begin working together, others like FYVE don’t charge a dime until they’ve secured a quality tenant in your market-ready home. Not only does this save you money, but you’ll also have the benefit of working with some of the most trusted managers in the industry. Better yet, they’ll also take handle all of the property needs like maintenance requests, rent collection and even manage difficult tenants. Enjoy a consistent flow of income without the stress and challenges. Ready to get started?