Did you know there are over 23 million landlords in the US as you are reading this? Even better, 113 million people are renting. There is a great deficit of landlords in the market, which means you’ve chosen the right time to rent your property. 

However, how can you make the most of it? To reap maximum revenues from the favorable market, you should hire a property manager.  

Value Estimation

Are you proficient at estimating the rent prices of apartments or houses? Normally, what a future landlord/lady does is look around the neighborhood and compare the prices, without looking into the properties or seasonal factors that could impact demand. To this end, they may be asking for a lower price than they could otherwise achieve. Alternatively, they may end up overestimating the rental value of their property, asking a rent price that is unrealistic, and ending up with a lengthy period of vacancy (and lost income!). 

On the other hand, an experienced property manager creates rental value estimates based on detailed market research and the real value of your property in relation to the competition in your market. When you need to determine the best price to ask for your unit, you should consult with a professional property manager.

Spruce It Up

Unless your flat or house has just been renovated, chances are there are things which could be improved so as to get a higher rental price. Discussing details and negotiating costs with the contractors is always stressful, but a property manager does all this so you don’t have to. A property management company can help you determine strategic capital improvements that will fit your budget while boosting your return on investment.

Marketing Matters

You would have to take some free time, find a professional photographer who is used to shooting apartments, and upload the photos on loads of websites. Alternatively, you could let the manager take care of these. They know all the tricks of the trade to showcase your home as best as possible and highlight the unique selling points of the property.

You would also need to respond to tenant leads, coordinate schedules for tours, and conduct in-person showings for interested prospects. There is a ton of work that goes into finding suitable tenants for your rental property, and lost time = lost money. If you hire a property manager to handle the leasing process, it will get done faster and with a lot less stress for you as the owner.

Background Checks

Remember all those horror stories about irresponsible, noisy tenants that don’t pay their bills? How is one to know who to trust these days? 

If you’re not confident about finding out all the necessary details about a possible candidate, let the professionals do the background check so you are sure the rent is coming in regularly. You want to find the best tenants for your rental, and shouldn't leave any stone unturned during the application process. 

Moreover, you need to make sure you are fully compliant with all local laws and regulations regarding tenant screening! A property manager will help ensure all boxes are checked, so you don't need to worry about any guesswork when it comes to legal compliance.

Maintenance Calls

Every landlord is going to tell you there’s nothing worse than having to go to their tenants to check what isn’t working, and then looking for the right vendor, getting a good price on the repairs, and handling quality control to ensure everything is fixed properly. 

Allow someone else to be ready for calls 24/7 and don’t be bothered ever again. Moreover, if you hired a property manager, potential issues would be resolved even before you got the tenants moved in (see reason 2).

More Free Time

If you’re still unsure about hiring a property manager, just calculate how many hours/days of your time you would have to spend taking care of the above.

That time would be wisely invested in resting or even investing in more properties. Time is money, after all.

Speaking of which, the best option would be to find a property manager that charges only when the tenants have moved in. A vacancy is costly, so you want to find a property management company who won’t charge you a fee during vacancy periods. Hiring a management company should save you time and money, truly maximizing the return on your investment.

To Sum Up

Right now is a great time to reap the benefits of owning an investment property, but you never know what the future may bring. To this end, it would be advisable to hire an expert and make the most of the situation while it lasts. That will give you more revenue, better tenants and less stress.