Buying a property to use as an investment rental property is a big decision, and managing that rental requires an abundant amount of time, effort, and most importantly a significant learning curve. On the surface, managing your own rental property may seem easy enough, however you must have a clear and concise knowledge and understanding of the process, the time and money to commit, and a game plan to ensure your success. Lucrative ownership and management of a rental property will require:

• Marketing the rental to potential tenants
• Creating and maintaining positive working relationships with the tenants
• Receiving all rental payments
• Taking maintenance calls and handling the repairs or designating a vendor to complete the work
• Knowing the rental market to set rates
• Overseeing the hire of all outside vendors to complete the everyday upkeep of the property, along with the make-ready for new move-ins
• Handling all legal and tax issues as they arise
• Inspecting properties regularly for safety and compliance
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Property management is a full time job in itself and if you already have a job, then you may not want to commit the amount of time and energy it requires to be a successful and committed landlord.Here are 5 reasons why it is often worth the price to hire a property management company to oversee your property.

Property management companies will have a long, proven track record to endorse their successful experience. These professionals will have a group of vendors in place to assist with the day to day maintenance issues that will arise when managing a rental. A property manager will also be well versed in the market trends for property values and will set rent at the most profitable and attainable figure, to ensure you are gaining the most money back on your investment. 

They also have a solid understanding of what renters in the area are looking for, and they will be able to advertise and market your property to the most advantage. A property manager will be there to guide you on any issues that may arise or they may even advise on what minor improvements would make your unit more profitable. These professionals have already done the background work and research into the market trends and will be an ally to you in your investment venture.

Real estate law is always changing and having a property manager working on your behalf will make sure to keep your property out of legal trouble. To someone inexperienced with the rental market, keeping up to date with the latest laws can feel a bit overwhelming and can also be time consuming.  

Property managers are licensed and must comply with the state real estate commission. It is their job to ensure that all properties are in compliance, thus saving their property owner the financial burden of penalty fines. 

The main reason someone wants to own and rent out property is to make money. The faster that money starts pouring in, the larger the profit margin on the investment will be. Owners new to the rental industry may spend a lot of time learning the ins and outs of the business, and that time spent is money lost. Property managers have already engaged the most efficient practices to showcase your property, get a signed lease, and maintain tenant satisfaction for long term rental. These practices all help you to maximize your profit potential.

If you’re like most people, you do not want to have your personal time interrupted or be bothered while at work. It is unavoidable that at some point, the tenant renting your property will have a maintenance issue arise or even a simple question that needs immediate assistance. If you have enlisted a property manager for your rental, they will be the person your tenant will reach out to for that assistance. They will effectively handle all concerns and will make sure that any maintenance work is completed as needed to keep your property in good condition and to keep your tenant satisfied with the level of service they receive.

A large majority of rental properties are not located in the same vicinity as the owner of that property. It is often lucrative to purchase property in high tourism areas or in a location where real estate was advantageous to purchase, however not being close by can sometimes be stressful for both the owner and the tenant. Allowing a local property management company to oversee the property will ensure your peace of mind knowing that all issues are being handled in a timely fashion and knowing that your investment is being properly maintained. 

If you want to be at ease while enjoying the benefits of owning a rental property, hiring a property manager will be well worth the cost. Their knowledge, experience, and professionalism will be advantageous to your overall goal of profiting from your investment