Owners of rental property might want to consider hiring a property manager to help them with the task of being a landlord. When might you need to consider hiring a manager? Here are some instances when you may wish to enlist the services of an expert:
1. When the property is becoming vacant.
An experienced property manager will provide:
- a professional experienced rental agent to show your property
- "for rent" ads targeted to obtain maximum results and at a lower cost than you could obtain on your own
- professional signage on the property
- screening of applicants with credit checks and reference checking to avoid potential problem residents
Many new landlords have skipped the steps of screening and later regretted it when they experienced the long, expensive and painful process of evicting a nonpaying resident.
Choosing the wrong resident can cost thousands of dollars! At an average cost of only one month's rent, you could save yourself from making a very costly mistake.
2. When financial reporting is important. A good property manager will provide:
Timely accurate financial statements of a professional quality
- monthly reporting and disclosure of areas needing attention
- year end income statement for tax purposes
- complete documentation such as leases, applications, and legal rent increases
- assistance in budgeting for anticipated expenses
- in establishing a fair market value for your property if you intend to sell.
3. When you don't want to deal with resident's calls at all hours. A property manager will provide:
- program of maintenance tailored to your property's requirements preformed by a qualified, experienced property inspector
- services arranged with reliable contractors at competitive prices
- quotations provided for all major work
- 24 hour on call service for emergencies
4. An experienced property manager will inspect the property and identify problem areas.
- preventative maintenance
- risks that need to be addressed
- property improvements that will help to keep the property rented.
- repairing a leaking tap or toilet to save water costs and potential property damage
- checking the smoke alarm to avoid a fire and potential liability to the landlord
- repairing a tripping hazard that could cause injury
- tending to maintenance promptly can help to keep the resident happy, therefore keeping the property rented and saving high turnover costs
For more information give me, Joyce Byrne, a call today at 519-471-8888.