If you are waiting for land value to appreciate before you sell your property, the smartest thing to do is to rent it out, in the meantime. Apart from generating cash flow, renting out your property also has other benefits. For one, an occupied place has lower chances of being trespassed or vandalized.
Additionally, you have a wide market as the rate of renters continues to increase. A report by Pew Research Center found that 36.6 percent of American households rent a home. Renters are most likely young adults, who make up a big chunk of the American population.
Renting out your property is an investment. And, like any other investment, it comes with responsibilities. If you have other matters that need your constant attention, like a family, a regular job or other businesses, a property manager can manage your property for you.
If your property is located in a competitive area in which the rental statistics fluctuate, a property manager can help you market your place effectively. According to deptofnumbers.com, for example, in 2016, the vacancy rate increased from the previous year’s 7.62 percent to 7.91 percent in Jacksonville. Efficient management of property and good marketing techniques, like a property makeover, can help you make your place more attractive to tenants.
Basically, your property manager is your salesperson.
A property manager accommodates and screens prospective renters. They also orient them on property rules, the lease term, and the grounds of eviction. In addition, a property manager closely deals with tenants during emergencies, and handles requests, and complaints.
Apart from those duties, a property manager also makes sure the tenants are safe and secure by maintaining the building. They can do so by hiring plumbers, carpenters, electricians, or security personnel.
Rental Fee Collection
One of the biggest potential challenges for a landlord or landlady is collecting payment from difficult tenants. If you experience this on a regular basis, it is probably time to hire a property manager. A property manager can collect the rent for you and adjust it on your behalf.
A property manager is also knowledgeable about taxes and landlord-tenant agreement. They can make your business a lot easier for you. By hiring an expert in property management, you don’t have to supervise every little detail and deal with everyday hitches.