As a real estate business owner, you might find that you have a lot of rental companies that you need to keep up with. Whether it's collecting rent payments or showing vacant properties, there is a lot to do and it could start to become overwhelming for you. You might even have another source of income that you have to give your time and attention to. If you are being pulled in multiple directions, every aspect of your business can suffer. Here are a few key reasons you will want to hire a property manager for all of your rental properties:
They Can Handle The Rental Applications And Evictions
It is important to make sure that each rental property is producing money for you as much as possible. This means non-paying tenants need to be evicted as quickly as possible, and vacant properties need to be filled very soon. This means you have to stay on top of filing eviction notices and accepting rental applications. Those rental applications need to be examined and background checks need to be completed. The property manager can handle all of that for you so you do not have to use up your time doing it.
You Are Able To Write Off Their Fees As A Business Expense
A lot of people might worry about the cost of the property manager, but you might be able to negotiate the fees. Also, you are able to write off the payments you make to them as a business expense. This will reduce the amount of your taxable income when it comes time to file your yearly income tax returns.
You Can Direct All Tenants To The Property Manager
Does your tenant have a clogged drain, an insect infestation, a leaking pipe, or a broken light fixture? They can take all of their questions and concerns and relay them to the property manager instead of you. So not only will your property manager handle the larger tasks, they can handle the everyday calls from tenants about random things. This will take a lot of weight off of your shoulders and you can simply enjoy your peaceful day.
Do make sure that you are beginning your search for a reputable property manager as soon as possible. This will give you time to vet the prospects and determine who will be the best fit for the job. Once hired, you can send a letter to all existing tenants so they know about the new property manager and how to get a hold of them.
Contact a property management service near you to learn more.