Why Hiring a Professional Property Manager Is Better Than ‘DIY’

Understand the Benefits of Hiring a Professional Property Manager

Professional property managers are experts in their field, and their experience can save you from potential pitfalls. They are well-versed with the law pertaining to landlord-tenant relationships, capable of maintaining your property efficiently, and skilled at finding and retaining good tenants. Here are some reasons why hiring a professional property manager can be beneficial:



• Law Knowledge: Professional property managers are updated on the latest landlord-tenant laws and regulations, helping you avoid lawsuits.
• Maintenance: They have a network of maintenance workers, tradesmen, contractors, and suppliers that can be hugely beneficial for your property needs.
• Tenant Handling: Skilled property managers can handle all aspects of the tenant relationship. They manage both routine and emergency maintenance, take care of routine inspections, and handle any situations where conflict resolution is required.
• Effective Rent Collection: Hiring a property manager ensures that the rent will be collected on time as they have efficient systems in place to effectively collect rent and maintain on-time payments.
• Lower Tenant Turnover: Good property management companies know how to keep their renters happy. They are responsive and available, and they handle problems as they arise, leading to successful and longer tenant retention.
• Personal Benefits for Owners: Less stress, more freedom - hiring a property management company allows you to invest in real estate in distant locations, enjoy your free time, and less likely to deal with the hassle of property ownership.

Learn How to Spot a Reliable Property Manager

When selecting a reliable and trustworthy property manager, consider the following aspects:



• Experience: Check how long the company has been in the property management business. A company with a long track record of success can generally be trusted.
• Reviews: Look at reviews from other property owners. This can give you a good idea about their experience with the company.
• Certifications: Ensure the company has relevant certifications in property management. This is an indicator of their expertise.
• Services Offered: Make sure the company provides all the services you need, such as maintenance, tenant screening, and rent collection.
• Fees: Understand their fee structure. Make sure there are no hidden charges.
• Communication: The company should be responsive and easy to communicate with. Regular updates about your property are a must.
• Tenant Satisfaction: A good property management company should have a track record of tenant satisfaction. Happy tenants are more likely to stay long-term.

Tips for Negotiating and Working with a Professional Property Manager

When working with a professional property manager, keep these negotiation and collaboration tips in mind:



1. Be Clear About Your Expectations: Clearly communicate your expectations regarding property maintenance, rent collection, tenant interaction, and overall property management. This will help avoid confusion and ensure smooth operation.
2. Negotiate Fees and Terms: Don't hesitate to negotiate the fees and terms of the contract. Understand each clause, ask for clarification if needed, and ensure the terms are mutually beneficial before signing.
3. Maintain Open Communication: Regular communication is key. Ensure they provide you with regular updates on your property and are responsive to your queries or concerns.
4. Ask for Regular Reports: Request regular, detailed reports about the financials, property condition, tenant satisfaction, etc., to stay updated and informed about your property's status.
5. Respect Their Expertise: Recognize their expertise in property management and be open to their advice on critical matters like property law, tenant satisfaction, or property maintenance.

Working effectively with a professional property manager can drastically reduce the stress of property ownership and maximize the profitability of your investment.

Compare the Costs of DIY Management Versus Professional Management

• Initial Setup: DIY management costs may seem lower initially, but getting your property ready for tenants can add up quickly. In contrast, property management companies often have established relationships with maintenance and cleaning services which can reduce these costs.
• Regular Maintenance: Ongoing maintenance and emergency repairs are a significant cost in DIY management. A property management company typically handles these tasks as part of their service, reducing your overall expenses.
• Vacancy Periods: Without efficient advertising and tenant screening, DIY landlords may experience longer vacancy periods, which can be expensive. Professional managers, with their access to broader advertising platforms and tenant networks, can fill vacancies faster.
• Legal Costs: DIY landlords are at a higher risk of costly legal mistakes due to a lack of knowledge about landlord-tenant laws. A professional property manager's knowledge of these laws can help avoid such issues and their potential costs.
• Time = Money: The time landlords spend managing their properties can be substantial. Hiring a professional property manager frees up this time, allowing landlords to pursue other investments or activities that can result in an overall financial gain.
• Tenant Retention: Tenant turnover can be costly. Professional property managers have the skills and resources to keep tenants happy and reduce turnover, which can result in substantial savings over the long term.

What You Should Look for in a Good Property Manager

When looking for a good property manager, here are some key tips to keep in mind:



1. Industry Knowledge: Ensure they have comprehensive knowledge of the property market, including trends, pricing, and the legal landscape.
2. Transparency: A good property manager should be transparent with their operations, ensuring you are kept in the loop with all matters concerning your property.
3. Organizational Skills: Property management involves juggling multiple tasks, from maintenance schedules to tenant issues. Excellent organizational skills are vital.
4. Communication Skills: Strong communication skills are key. A good property manager should be able to communicate effectively with you, the tenants, and any workers involved in property maintenance.
5. Proactive Approach: Small issues can quickly escalate into major problems if not addressed promptly. A good property manager should be proactive in addressing issues as they arise.
6. Tenant Screening Process: The property manager should have a robust tenant screening process to ensure they choose reliable and responsible tenants.
7. Financial Management: A good property manager should be adept at financial management, ensuring rents are collected on time and expenses are kept under control.
8. Problem-solving Skills: Issues are inevitable in property management. A good property manager should have strong problem-solving skills to address these issues effectively and efficiently.
9. Negotiation Skills: Your property manager will need to negotiate with tenants, vendors, and sometimes with you. Good negotiation skills can lead to cost savings and better relationships.
10. Trustworthy: Trust is essential in this relationship. You should feel comfortable and confident in your property manager's ability to handle your investment.

About Us

Achieving optimum quality property management is challenging, especially if you live miles away from your property or are always busy. A property management venture comes to the rescue in such cases. So, if you need assistance in the greater Richmond Hill area, we are happy to help! 

We offer high-class, error-free services to our valuable clients. Our team is efficiently trained to organize and manage single-family homes, light commercial, and multi-unit properties. Contact us at 912-525-0405 or get in touch on Facebook to know more.