There are huge benefits to working with a professional property management company like Cornerstone rather than managing your investment property on your own. Today, we’re sharing some of the best reasons to work with experts.
Major Time Savings
One of the most common reasons to hire professionals is that your property manager will save you time. The hours in your day are limited, and time is a precious commodity. We will do the advertising and marketing to bring in a great tenant. We will conduct showings for people interested in renting the home, and do screening to ensure we’re placing a quality tenant. Once the tenant moves in, your property manager will be the first point of contact, and handle everything from rent collection and distribution to maintenance and accounting. That’s time you can spend with your family or on your hobbies.
Rigorous Tenant Screening
A professional manager has the resources to conduct a thorough tenant screening. You’ll get a criminal and background check, and your manager will confirm employment and income. It’s important to make sure the tenant hasn’t had any evictions and that the credit checks meet your minimum requirements.
Legal and Regulatory Knowledge
Your property manager will be trained on all regulations at the federal and state level as well as any variances at the local level. There are a lot of fair housing issues to worry about, and a property manager is going to know the local laws on the maximum number of people who can live in the property, and the maximum number of pets they can have.
24-Hour Emergency Contact
Another benefit to using a property manager is that you’ll have someone available to respond to emergencies 24 hours a day, 7 days a week. Calls will be fielded on weekends, holidays, and in the middle of the night. If the problem is determined to be a real emergency, a technician can be dispatched to solve the problem or fix whatever is broken.
Increasing Rental Income
Even while paying the property management fee, you’ll see increased income. Property managers are experts in their field. They spend time tracking the market rents for your type of property in your area. That will provide a good price for your property so you can maximize your income. This keeps you from lagging behind the market and prevents your property from being listed too high and sitting vacant.
Experienced Management Accounting
Professional property managers will send you your income each month with a detailed monthly report showing income
and expenses. You’ll get a snapshot of everything that went on with your home. At the end of the year, you can expect an annual report summarizing everything, along with your tax documents.
These are just a few reasons that demonstrate how using a professional property manager is better than doing it yourself. If you’d like to hear more about our services, please contact us at Cornerstone Real Estate Team.