Are you at a crossroads about hiring a property manager for your rental house in Springfield?
Your situation isn't uncommon. Many first-time landlords often have to choose between self-managing their properties and outsourcing to a third party. You might be more inclined toward taking a DIY approach so that you can pocket as much money as possible from the rental income, but are you ready for the full-time job that comes with property management?
In this article, we're making the case for hiring a property manager. Find out why you need to take the bold step and make the hire.
Minimize Legal Liability
When you set out to become a landlord, the last thing on your mind was dealing with lawsuits. Yet, you can easily find yourself in court if you're not diligent.
That's because landlords have legal responsibilities such as property maintenance and repairs. If you're self-managing, you might not have enough time to respond to repair requests promptly. Some types of damage can cause injury or illness to tenants if left unfixed, giving them a valid reason to sue for negligence.
When you hire a property management company, you can forget about liability issues. An experienced manager will stay on top of property inspections and maintenance, ensuring everything that can be a potential source of a lawsuit is in order.
Maintain a High Occupancy Rate
Springfield has a vibrant market, with about 45% of all households being renter-occupied. However, this doesn't necessarily mean renters will be jostling to occupy your rental. During tough seasons, it can be difficult to find tenants, meaning your unit can be vacant for months in a row -especially if you're a DIY landlord.
Maintaining a high occupancy rate requires you to, in addition to being a good landlord, master the art of rental property marketing. Is marketing one of your strong suits?
If it's not, you should look into hiring a property management company. These organizations have qualified marketers on staff or work with marketing companies to design and implement powerful property marketing campaigns. With effective marketing, your property will have a steady stream of rental applicants whenever there's a vacancy.
Rental Property Accounting
Whether your rental is a single-family home or an apartment complex, what you have is a rental business. And just like every business owner, you must look after the books.
Rental property accounting is one of those tasks that landlords don't quite appreciate their importance until tax season arrives. Without good records, you'll struggle to even calculate your rental income for the past year.
A property management company doesn't sleep on your books. It keeps a tidy record of your property income and expenses, and prepares periodic owner statements.
When doing your taxes, your manager can help you out, ensuring you're making the most of your tax deductions.
Smart Landlords Utilize Professional Property Management Services
Hiring a property management professional presents an additional expense, but it's an expense that will pay for itself tenfold. What are you waiting for?
Hunter Property Management has been in the game for over 34 years, providing excellent services to rental property owners in Springfield, MO. When you give us business, you don't become just a client. You also become family!
We're waiting to hear from you.
