It is true that many real estate investors are discouraged from hiring professional property managers to take care of their investments because they believe that they can make more money if they manage the rentals by themselves. I too had the same perception when ventured into rental properties investment. Later on, I hired property management in Idaho Falls to help me after realizing that I could not maximize returns from my investments when doing the management myself. Just to encourage other investors out there to hire qualified individuals to take care of their investments, here are the fundamental ways on how a property manager made me more money.
1. Collecting rent became easy and convenient
One of the most difficult tasks, when you choose to manage your rental properties, is collecting rent and rental deposits. I personally lost a lot of money from rent defaulters because some tenants could vacate the houses without my knowledge. However, when I hired a professional to take care of my investments, I no longer had cases of rent defaulters. Consequently, I have been able to maximize my rental income and accumulate more wealth.
2. Vacancy rates became minimal
Initially, my rental properties could stay for even five months without tenants because it was very difficult to find and convince potential tenants to occupy my properties. However, things changed tremendously when I hired a property manager to help. My manager marketed my properties intensively to potential tenants and none of my houses has ever remained vacant for more than a month without a tenant. As a result, I have been able to maximize my rental income and make more money.
3. My manager has helped me get better deals
When I first ventured in the real estate investment, it was difficult to determine where properties were gaining value fast and where demand for rental properties was high in the city. Consequently, I ended up acquiring some properties in areas where demand for rentals was quite low and houses were very expensive. However, everything changed after hiring a professional property manager to help me manage my investment. The manager has really helped me to acquire properties in areas where demand for rentals is high and houses are affordable.
4. Cases of unsatisfied tenants are no more
Initially, I used to lose many tenants on the basis that they were not satisfied with my services. This is because I lacked adequate knowledge about the local market and specific demand and expectations of the local tenants. However, I no longer have cases of unsatisfied tenants after hiring a professional local property manager to help me. I have some tenants who have stayed in my houses for over five years and I have enjoyed steady rental income for many years.
5. I can concentrate on other productive activities
When I was managing my rental properties myself, I had no time to venture into other productive activities and make more money. I used to spend most of my time moving from one property to another to attend to tenants’ needs. However, I no longer have to spend all my time attending to tenants’ because there is someone to do it on my behalf. I now have more time to concentrate on other productive activities and make more because, something that was not possible in the past.