1. Time Savers
Since time is money, why waste it with the extensive day-to-day of managing rental property. If you want to do it yourself, you'll be finding tenants, collecting rent, negotiating leases and taking maintenance calls at 2:00 AM.
By hiring a property manager, they will take care of the day-to-day, ensuring that your tenants are taking care of your property and paying rent on time.
With all this new free time, you'll be able to work on your own projects, spend time with family, or take that long-awaited vacation!
2. Lease Enforcement
A Missouri property management company is required to be operated by a licensed Missouri real estate broker. And any lease they use must be approved by an attorney before allowing anyone to sign it. An attorney-approved lease protects you and your tenant during and after the duration of the lease.
Simply writing a lease is not enough though. You'll want a quality property manager that will make sure your tenants uphold their responsibilities of the lease. This should include ensuring that any pets in the home are on the lease and paid for. A good property management team will know what to look for during routine inspections.
3. Tenant Liaison
The only way to have a successful rental property is to keep tenants in your property. And the only way to maintain that is to make it easy for your tenants to communicate with you. A property manager should have multiple ways for a tenant to get a hold of them.
Another benefit of having a property manager as your tenant liaison is that they will be the middle man between you and your tenant. So, at 2AM, when your tenant needs emergency maintenance on their air conditioner, the property manager handles that call so you don't have to.
4. Knowledge & Expertise
A quality property manager should have the knowledge about Fort Leonard Wood real estate and rentals. This knowledge is important for giving you a competitive edge when listing your home for rent. They can develop a lead-generating marketing strategy for your property.
You should have a property manager that stays on the leading edge of marketing and technology. Real estate is a constantly changing industry, and you don't want to miss out on tenants because your property manager is behind the times.
Experience in property management is key to having a successful rental. You will want a property manager with the expertise from years of experience. This can help protect you legally because they understand what red flags to avoid.
5. Legal Protection
A great benefit to hiring a property manager is that you don't have to be responsible for understanding all Missouri's landlord-tenant laws. Let your property manager advise you on how to avoid legal issues. A quality property manager will know the best practices following the laws.
Your quality property manager should also be aware of red flags that could cause problems for you down the road. Whether in maintenance issues, tenant applications, or rent collection, they should be honest with you about what to do to stay out of hot water, legally.
6. Lower Repair & Maintenance Costs
A quality property manager will handle the maintenance at your property. They are able to get estimates for repairs, finding the best price for the highest quality work.
You also get the benefit of access to your property manager's network of quality vendors, with whom they may have pre-negotiated rates.
A property manager can actually save you money on maintenance. They will be able to help you schedule regular maintenance, which will help keep you from the cost of emergency repairs.
7. Marketing & Tenant Screening
Undoubtedly, the most stressful and time-consuming party of being an independent landlord is finding your own tenants. When you hire a quality property manager, they will be able to advertise your house to the right tenants at the right time, getting you a tenant faster and saving you money.
Another difficulty with managing your own rental is finding a quality tenant. It can be stressful wondering if you made the right choice. Leave that stress to a great property manager with a proven tenant screening process. You'll want one who does credit and criminal background checks as well as past rental verifications.
8. Quality Vendors
Maintaining a network of quality vendors and repairmen is a top priority of a quality property management team. They are constantly evaluating current vendors on their quality, speed and price. If a vendor doesn't meet their standards, they don't use them, ensuring the best quality of work for their owners.
A good property manager will also try to work with vendors that guarantee their work. This means that the vendor ensures their work is done properly, otherwise they will make it right, free of charge. Though not possible for all circumstances, you should try to work with those who guarantee their work, because it ensures good work at a reasonable price.