Five Benefits of Using a Property Manager When You’re a Landlord

Elena Hudgens
By Elena Hudgens 6 Min Read

Rental properties are an excellent source of passive income. Rental properties hold the promise of regular income every month. But that’s not always the case. Sometimes getting tenants to honor their monthly obligation can prove tiresome and laborious. Unfortunately, most landlords realize this too late after adopting the do-it-yourself approach. 

While tempting, managing a rental property is no cakewalk. It means living close to your property, handling the marketing and advertising, dealing with demanding tenants, and handling repair and maintenance. 

It amounts to taking on a second job. Hiring a professional property manager gets the job done without burdening you with additional responsibilities. These professionals will help you maximize your rental income, keep the property in the best condition, and match you with the best tenants. 

Dig in as we detail five benefits you will reap from hiring a property manager for your rental property. 

Seamless Marketing and Advertising 

Believe it or not, building a rental property is the easy part. Turning it into a cash-generating asset may amount to a herculean effort. Hiring a property manager lets your vault of this substantial obstacle. Property managers are skilled at marketing rental properties. They thrive in listing vacant properties, creating attention-grabbing ads, and showing the property to prospective tenants. 

They do all the heavy lifting, from setting prices, advertising, screening out unfit applicants, and pairing you with the best tenants. Landing the right tenants is the key to maximizing your profits, especially when difficult tenants can cost thousands of dollars in damages or legal fees. 

Maximize Your Rental Income

Your property’s occupancy rate determines your rental income. Any amount of time the property sits vacant leaves you out of pocket. A skillful property manager will minimize tenant turnover and increase occupancy rates to maximize profits. These professionals use their local market knowledge to price the properties competitively. That attracts long-term tenants and maintains a low vacancy rate. 

Effective Tenant Screening  

Tenant screening is a complex yet repeatable process that requires exceptional skills, specialty tools, and industry knowledge. Your ability to screen tenants can make or break your rental property. If bad tenants filter through, you’re besieged with multiple problems. It could mean late payments, extensive damage, pestilence, or legal issues. All of that can add up and eat into your profits. 

A property manager shields you from all these risks. They use their industry experience to identify potential troublemakers from the onset. They can easily spot red flags when reviewing an applicant’s paperwork. Property management companies have refined tenant screening into an art form. They conduct extensive background checks and follow up on referrals to find reliable tenants. They can also meet the possible tenants in person, to get a better feel for what may or may not work out long term. 

Timely Rent Collection 

Getting paid on time can prove a nightmare for many landlords. Some tenants may give you the runabout whenever the rent is due. Chasing down problem tenants every month is not a good use of your time. Property managers ensure you get paid on time each month without raising a finger. 

They set you up for success by weeding out problem tenants from the onset. They’re also better equipped to handle tenants who are chronically late with the rent than you’ll ever be. They can use their extensive knowledge of tenant law to deliver the best outcome if there’s a problem. They have the mechanism to handle tenant evictions within the confines of the law if it comes to it. 

Effective Tenant Management

A lot of things can go wrong in rental property: toilets, leaky faucets, blown heaters, faulty wiring, and the list goes on. That could mean fielding late-night calls to handle endless emergencies. A property manager can be the point of contact and save you this headache. They can contract reliable contractors to provide routine repair and maintenance on the property.  

Property managers cultivate and maintain excellent relationships with tradesmen, maintenance companies, contractors, vendors, and suppliers that are almost to replicate on your own. They can secure excellent repairs and maintenance rates while getting the work done quicker and delighting your tenants. You can also entrust them with preventive care to keep the property in tip-top shape. A property manager also follows up with the contractors and provides regular status updates. All of these skills and resources make it a very wise decision to invest in a property management company. 

Enjoy Less Stress, More Freedom, and Maximize Your Rental Income 

Having a trusted property management company do all the heavy lifting saves you time, money, and effort. It means getting paid on time without chasing down tenants or fielding late-night phone calls from angry tenants. It also allows you to diversify your real estate holdings by owning properties in different towns or states. While renting out to strangers isn’t the most passive income out there, having a property manager oversee your rentals is the best way for you to sit back, relax, and focus on other things in your life. 

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Posted by Elena Hudgens
Elena Hudgens is an entrepreneur with 10+ years of experience. She started her journey by building her own e-commerce website on Shopify and turned her $1000 savings to millions in just 2 years. Soon she started different ventures in which she failed and succeeded. And now, she's on a mission to help other entrepreneurs with her life and business lessons.
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