When purchasing an investment property, one of the biggest mistakes people make is trying to manage the property as a rental on their own.
If you want to become a professional landlord, you’ll need to look at the big picture; rather than saving money by managing the property yourself, find an experienced property manager who has a proven track record of success.
Here are five reasons why it is beneficial to hire a professional property manager.
1. LAWS AND LEGISLATIONS
A professional property manager is knowledgeable regarding the latest rental laws and legislation. Part of their job is to keep up to date with changes as they happen. With a growing trend towards litigation, a professional property manager will be able to keep a landlord updated on any potential legal issues and address them as they arise. An example of this would be, the delay in not fixing a maintenance issue that could potentially cause personal injury to a tenant. These types of cases are on the rise. A property manager who handles the legal side of things would bring peace of mind to an investor.
2. MAINTENANCE ISSUES
Maintaining the value of the property is critical for investors. A professional property manager would help ensure the value remains intact by conducting regular property inspections. It is recommended that rental properties are inspected two to four times a year. This assures a property is well maintained with the time to address it promptly if that is not the case.
3. MARKET ADVICE
Many first-time investors who aren’t locally based tend to overestimate the amount of rent they should charge for their property. Unfortunately, this overestimation often results in lost income because the property remains vacant for a long period. A property manager would be able to give an independent assessment of a realistic and achievable rent for a property.
Not sure how to determine the rental yield when buying an investment property? Let us put together a free rental strategy for you.
4. TENANT SELECTION
While we want to believe the best of every possible tenant, there is such a thing as a “blacklisted” tenant. Property management agencies often have exclusive access to this list. Also, property managers are familiar with obtaining relevant background checks on potential tenants. As an inexperienced investor, the property manager could save you a lot of time, work, heartache, and ultimately, loss of rent. A qualified tenant with diligent reference checks will pay rent on time and look after the property.
5. VIEWING THE PROPERTY
When buying a home, you probably take a lot of time viewing numerous properties to purchase. The same is true for renters. You would have to make yourself available to show the property to potential tenants. And if your schedule is not flexible, then you could potentially lose out on rent due to vacancy. However, a property manager would be available to show prospective tenants the property. Sometimes this may be weekends or after hours. If you want to secure a suitable tenant, you need to be available to show them the property.
The truth is that a professional property manager can save you a whole lot of time and stress (and even some money on your taxes). Property managers take care of dealing with the nitty-gritty of managing your investment, ultimately freeing up your time to continue to build your portfolio.
We Can Help
Ready to start creating passive income through property? Think you’re ready to invest in one or more properties?
We can help! At OneCorp, we walk you through every step of the process at NO cost to you. We create a personalized property strategy and help you find the best opportunities on the market, so you know you’re getting the best return.
Getting started on your investment property journey has never been easier:
- We start by helping you set clear goals and objectives as to what you want to achieve through property investment.
- From there, we run the numbers through proprietary software to accurately assess exactly what you need out of a property portfolio to achieve those goals.
- Lastly, we find the perfect property to make those objectives a reality!
Our average client sees a huge reduction in their mortgage term, fantastic tax benefits, and most importantly, more money each week in their back pocket while building wealth for a prosperous future. Don’t wait for rates to rise; get started today!
You can schedule a free consultation with one of our licensed property specialists HERE.
