Should you manage your own Monroe rental property or hire professional property managers to do it for you?
This is a question nearly every landlord asks – either at the beginning of the process or halfway through it.
Smart real estate investors know that relying on the expertise and resources of professionals is a great way to earn more and spend less on your investment. You could probably pull your own tooth, but why would you? There are dentists available to pull that tooth with a lot less pain and suffering.
We think of Monroe property management the same way.
Professional Management Leads to Less Vacancy and Turnover
Vacancy costs will kill your rental income and your long term return on investment (ROI). If you don’t price your home properly, get to know the local tenant pool, or provide an attractive, well-maintained home, you’re going to have a longer vacancy period than you want, and that’s going to be expensive.
A professional property manager has the entire leasing process automated. We know how to price your property competitively and profitably. We know how to market it strategically and what we need to recommend in order to attract good tenants quickly who are willing to pay top dollar. When you’re working with a professional and local manager who knows the market and its nuances, you have lower leasing costs and fewer vacancy days. It’s worth the leasing fee you’ll pay to a professional.
Turnover is even more expensive than vacancy. Not only do you miss out on weeks or months of rental income, you also have to pay for the turnover maintenance costs such as cleaning and painting and updates. You have to touch up your landscaping and spend time showing the property and screening tenants.
A professionally managed property has lower turnover because property managers have the time and the expertise to be responsive to the needs of tenants. When a tenant does move out, we can make the repairs and re-rent the home a lot faster than individual landlords.
Better Tenants and Consistent Rent
A lot of landlords barely have the time or the tools to effectively screen tenants. This is an excellent reason to hire a professional manager.
We understand fair housing laws and we know how easy it is to make a mistake during the marketing and screening process. We provide written rental criteria, we screen everyone fairly, and we have a consistent and well-documented process.
With professional management, owners also have access to resources and screening platforms that are hard to self-managing landlords to find. The result is a well-screened tenant who can be counted on to pay rent on time and take care of your rental home.
Avoiding Emotional Decisions
It’s often difficult for self-managing landlords to think like a business owner. But that’s exactly what you need to do because your rental property is a business that’s meant to earn you money. Many independent landlords become emotionally involved in their properties and develop personal relationships with their tenants. This can make things very difficult when rent is late or damage is discovered.
Professional Monroe property managers provide a buffer between you and your tenants. There’s a boundary that keeps you separate and detached from conflicts and disputes. This leads to a better rental experience for everyone.
We’d love to share more good reasons for hiring a professional management company instead of managing your own investment. The bottom line is that it saves you money, it provides peace of mind, and it protects you from an ever-changing legal landscape. Contact us at Real Estate Gladiators for help.