Tuesday, 13 October 2015 00:00

Investing in Rental Property Without Property Manager Can Attract Losses

Don't Risk Costly Vacancies - Hire Property Managers to Successfully Raise Rents

 

vacantRental property owners or people investing in rental property are often surrounded by the thoughts whether they will be able to make considerable money through their rentals. Investing in rental property is different from other forms of investment, since it has a distinct ''human'' element involved.

Unfortunately, some investment property investors don't pay much heed to this element and fail to maintain rental property and make income from it. There is one person who can help landlords get out of the property maintenance fuss and guide about which tenant can easily absorb a rent increase that is - the property manager.

 

Here’s why:

Property managers know better whether your tenants are happy or not

  • If your tenants call you for a repair and stay relaxed about it
  • If they make the rent payments on time
  • If they try their best to keep the property look nice and clean

These things are a clear indication that your tenants are happy with you. This is one of the prerequisites of investing in rental property. And a happy tenant won't become unhappy just because you raised your rent by $10-$20/month.

 

Property Managers Keep A Track of Comparable Rents

Landlords often lose a tenant because they raise the rent way higher than the other rental properties down the street. Your happy tenant will probably be more happy at a place where he has to pay less. However, a property manager will keep an eye on the prices so that you know when and how much rent should be raised while investing in rental properties.

Property Managers Can Make You Aware of Worst-Case Scenario

Property managers advertise several houses and are well-aware of the real estate market. They can provide a passable estimate about the duration in which you will be able to fill a vacancy. Investing in rental property is not always risk free. They can also guide you about how much repair and rehabilitation will cost you in case your tenant moves out. In brief, a property manager will help you determine how much rent raise will be in your favor and whether you can bear the risk.

Property Managers Provides Insight Into Rental Market

Tenants often get upset with the increase in rent because they feel somehow they are getting ripped off. In such situation, a property manager, who has the complete data for the comparable rentals, can make your tenants believe that they are getting the best deal with you.

Property Managers Manage Everything Well

Property managers are liable to provide the tenants with a safe, warm and comfortable shelter in exchange of the rent they pay. Investing in rental property involves many such similar factors. They take care of the repair jobs, always keep in touch with the tenant and also understand the situation during a hiccup with a rental payment. Thus, all in all, a manager will make the tenants feel that their extra payout is worth. They will make sure your tenant easily adsorb the rent increase without causing any trouble to you thus making investing in rental property a lucrative decision.

Property managers are the true companions of landlords, who will take care of the property and the tenants so that you can focus on improving your rental property portfolio.

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