As an investment property owner, you may wonder whether or not to hire a property manager or perform all landlord tasks yourself. While working with a Glendale property management expert will cost you money, it provides you with a hands-off approach to your rental property. Typically, these managers charge 7% to 10% of the monthly rental income for managing your property.
You may think that the responsibilities of a landlord are as simple as finding tenants, signing a lease, collecting rent, and completing move-ins and move-outs of tenants. But, being a landlord requires a significant amount of time and energy dealing with different rental-related issues. This means issues with tenants, your property, and those that might be out of your control you must address. By working with a property manager, you avoid managing these situations yourself, saving you some headaches. These issues include the following:
To reduce the vacancy of your rental property, you want to find high-quality tenants. For this to happen, every possible tenant must be thoroughly screened. But, as you may have other responsibilities in life, you may not have the time and energy to go through this process, resulting in you placing just any tenant that may apply. On the other hand, property managers are experts in tenant screening, ensuring you will have renters with a good background in terms of finances and a good history of being a tenant to previous landlords.
Late Night Phone Calls
If you manage your property yourself, you become your tenant’s main point of contact. This means taking calls from tenants at any time of the day, asserting their issues are an emergency. Sometimes, tenants will call you late at night to request you to address even the smallest repairs. If you have a property manager, you don’t have to deal with this yourself. A property management company often has a 24/7 crew available to attend to tenant concerns and complaints.
Your lease agreement includes requiring your tenant to complete some maintenance tasks, they may sometimes forget to do so. A maintenance task that is usually forgotten is changing air filters or turning on the water during freezing nights. You will have to remind your tenants to complete these tasks or even lease violation notices if a tenant continuously fails to perform these tasks. This can be a headache for you especially if you have other things to attend to. You can save yourself the stress if you hand this task over to a property manager.