There are many, many reasons for real estate investors to rely on a good property manager. It’s no secret that property management is a difficult job. Any owner who has taken on landlord responsibilities themselves can vouch for that!
The reason investors ought to seek a property manager (or property management company) go beyond simple convenience. Having a top-notch manager can be the single biggest factor in the success of your investments. On the flip side of that statement...having a poor property manager can be the end of your successful investment.
3 Reasons To Hire Great Property Management
They Allow You to Look at the Big Picture
It’s difficult to step back and focus on investment strategies while you’re deep in the weeds, dealing with the day-to-day operations of your rental properties. Not only is it nearly impossible for investors who juggle landlord responsibilities to built up their portfolios with multiple properties, but it’s also difficult to step back with objectivity when you’re in the middle of a million management-related frustrations.
A good manager means avoiding burnout, stress, and move your investments beyond treading water. For investors who desire a passive investment, a management company allows an investor to stay focused on their day-to-day tasks and family life, while the management company handles their investment. If that is not taking a look at the big picture, then I do not know what is!
They Protect Your Positive Cash Flow with Quality Tenants
Part of a property manager’s job is to seek out the very best tenants for your properties. That means extensive screening to minimize the chance of ending up with bad tenants. Quality tenants generally mean investors avoid some of the big expenses that come from rental properties: carrying out evictions, increased vacancies due to high turnover and non-routine repairs to the property and appliances.
Bad tenants of course are a constant struggle for management companies and are a reality for any investor who has been in the business for any length of time with any sizable portfolio. However, even a struggling tenant can be turned into a consistent and positive income for an investor with a good management company. Just because a tenant needs to work on rental payment terms or may request repairs that otherwise are minor, that does not mean that a good company cannot work with that tenant to keep a property occupied and performing.
If nothing else, that is the main reason for a good management company. They can help a properly or a portfolio perform positively and produce an income on a monthly basis!
They Maximize Your Potential
While it’s not always ideal for an investor to be on the ground with their rental properties, it’s invaluable for owners to have an attentive manager. They can help identify problems, improve systems, keep things organized and all-around improve customer service. It’s a learning process, of course, but a solid manager can help real estate investors gain another perspective that just may change the course of your business strategies for the better.
The Value in Turnkey Properties
At Memphis Invest, we believe wholeheartedly in the benefit of turnkey properties. With these properties comes a management team that takes care of tenants, filling vacancies, contacting contractors and necessary maintenance professionals, and all-around eases the burden for owners. Turnkey investing with a reputable company is an ideal route to success in the world of real estate investment.
What do you love most about a good property manager?
Let us know in the comments.
Watch our free video presentation on the '11 Mistake To Avoid In Real Estate Investing!'
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