Hiring a professional property management firm comes easily to those that have tried to manage a property themselves. In this day and age, a property manager is a necessity and provides essential benefits to investment owners. It may be tempting to take on this task yourself however, it can very soon feel like a big time-consuming commitment. A quality property manager not only offers peace of mind that your property is being looked after, but it also has a range of other benefits.

1. Obtaining Quality Tenants

A good rental property manager will be able to sort out who is a worthy candidate for renting a property and who is not. Having quality tenants by screening them can help avoid some big no, no’s such as delays in rent payment, damage to the property, or even legal problems. Property managers are equipped to find reliable renters, who will stay in the residence long term, look after the property, and pay their dues on time.

2. Fewer Legal Issues

Many rental property managers can navigate through legal issues, especially with support from a trusted legal team. Just a single bad tenant can have detrimental legal and financial issues. Having a high-quality property manager on your side can protect you from potential lawsuits. The risk is minimized by screening tenants, completing property inspections, handling tenant evictions, signing and terminating leases, and collecting and handling rent and security deposits.

3. Consistent Rent Collection and Eviction Processes

Collecting rent isn’t as easy as some may think. A rental property manager can either set up the infrastructure to have things work automatically or be able to stay on top of those potential delinquents. It seems obvious, but consistent rent collection is what keeps the building operating and moving forward. Collecting rent on time makes a huge difference for all those involved and is vital to the success of managing a property.

4. Solid monthly accounting and reporting

A good property management firm has dedicated bookkeeping and accounting staff, and delivers your financial package and owner cash distributions on the same day, every month.

In addition, your property management firm should have a 24/7 online portal where you can log in and see your general ledger, payables, receivables and tenant service issues.

More importantly, there should also be a web portal for your tenants, making it easy for them to see their billing history, make additional payments as well as submit service issues.

5. Professional Marketing

A professional management company has the resources to market the property to ensure it’s getting traction on rental sites. Professional photos will be taken so that the property is looking its best to stand out in the market.

 6. Accurate Rental Pricing

It’s important to accurately price properties so they are competitive, yet fair. This is a major factor in pulling in potential tenants as well as maintaining them. Management companies will have a deep understanding of the rental market and will be able to properly price any vacancies.

7. Higher Occupancy Rates

Having someone with the time and expertise to handle vacancies means you will see consistently higher occupancy levels at your property. Pricing the properties at the correct level as well as being able to choose the right people will lead to not only fewer vacancies but faster filling times in a competitive market.

8. Higher Tenant Retention

With a higher quality of tenant and competitive pricing, you will see much higher tenant retention rates for your property than others. Keeping quality tenants in their rentals is always a challenge, so being able to do this consistently will go a long way in protecting your investment.

9. Maintenance & Repairs

When you hire a property manager, you also gain access to their network of professional vendors. At Lylan Management Ltd, we pride ourselves on our program, which is an exclusive collection of our most trusted partners, trades, and vendors. These vendors are trustworthy and have been thoroughly vetted. This ensures they provide quality work and fair pricing which saves our investment owners a lot of unnecessary costs.

10. Less Stress & Free Time

When there’s someone you trust to take care of the important aspects that keep your property running smoothly, it offers you peace of mind. Having that stress relief is a huge personal gain for many people. Managing a property on your own is a full-time job that most people don’t have the time to dedicate to. Having someone taking care of it for you is an immeasurable benefit personally