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While it can be satisfying for landlords to handle everything themselves but you don't have to do them. Delegating can be an efficient way to manage your rental property. A lot of professionals can bring expertise to the table, effectively helping you reach your business goals faster. The question is: which tasks should you delegate?
Which Important Tasks Could be Done Better with Professional Help?
Marketing Your Rental Listing
You need to market your listing to find prospective tenants for your investment property. However, doing it poorly can waste your efforts.. A real estate agent or property management business has access to an expert team that can streamline the process. For starters, they can:
- Create High-Quality and Optimized Listings
- Coordinate Showings Efficiently
- Set Competitive Pricing
- Use Professionally Taken Photos
- Post Your Listings on Social Media and Websites
Screening Potential Tenants
Screening applicants can take a lot of time out of your schedule, especially if you have more than one potential renter. Hiring a property manager to oversee the entire process of background checks can save time and help you focus on other immediate matters.
Property management companies like CRM Properties use comprehensive criteria such as credit reports, employment verification, debt-to-income ratios, eviction history, criminal history, and calls to previous landlords. Checking these factors yourself to find the best tenants can be a time-consuming task.
Drafting Lease Agreements
A lease agreement should have clear instructions and necessary information, such as rent price, schedule for rent payments, tenant responsibilities like property upkeep, late fees, security deposits, communication channels, how maintenance requests are handled, and more.
A property manager can ensure that all the important things are included to avoid potential disputes and even legal troubles by unintentionally ignoring landlord-tenant laws. Keep in mind that no matter how meticulously you screen tenants, an unclear lease document is bound to cause problems.
Rent Collection
While collecting rent is easily managed, you can take it completely off your hands. You don't necessarily have to hire a property manager to do so. There are tools like apps or property management software that can help reduce the stress of self-management.
Through these tools, you can automate payments or set reminders for your tenants, allowing you to prevent late rent payments and not needing to delegate tasks to property managers or virtual assistants. If you choose to hire property managers, you can have access to their property management system, which includes tenant portals.
Financial Management
Managing finances is often more complex than it seems. A property manager or accountant offers several benefits, such as:
- Accurate Record Keeping: Organized income and expenses make it easier for you to calculate your earnings and analyze your cash flow.
- Tax Compliance and Optimization: Property managers understand the laws regarding taxes as well as tax benefits that can help you improve your rental income.
- Budgeting: By analyzing your cash flow, you can make informed decisions when you plan for potential vacancies, property improvements, and addressing maintenance issues.
Repairs
While you can do repairs on minor issues, even seasoned landlords would recommend that you hire professionals to do your repairs for you. It's the one task that self-managing landlords should not do alone. Plumbing, HVAC, and electrical work require a certain level of expertise to be done right, and you could end up with more costs if you fix these systems ineffectively.
A property management company will have access to a network of vendors who are reliable and may provide discounts for regular services. A good property manager can even utilize time management techniques to streamline this process and reduce inconveniences, such as coordinating maintenance requests and hiring the right vendors.
What Are the Benefits of Delegating Tasks?
Streamlining Operations
By hiring a property manager to handle certain tasks, your rental property will run smoothly and promote tenant satisfaction.
Reduced Time Commitment
The less time spent on rental property management, such as finishing your routine to-do list or finding new tenants, the more you have to focus on other profitable opportunities. You can expand your portfolio and diversify your investments.
Insights into the Local Market
Professionals can conduct research to gain insight into the market and help you make data-driven decisions on many aspects of your property, such as rent price, property upgrades, and more.
Reduced Costs
Although you'll have to pay property management fees, the benefit you get from such services can offset the expenses. You may explore other options like virtual assistants for property management, since they can have more affordable fees brought by lower overhead costs.
Legal Compliance
One of the risks of self-managing is missing crucial landlord-tenant laws. Failure to comply can lead to costly corrections. Worst case scenario, you can even lose your rental property.
Effective Maintenance
Property maintenance is among the main responsibilities a landlord has in rental businesses. By conducting these efficiently, property owners will not only retain the value of their property, but see it increase over time.
Fewer Vacancies
With the right skills in marketing and tenant screening, your property will have fewer vacancies, therefore have steadier income.
Should I Hire a Full-Time Property Manager Instead?
Landlords can limit the responsibilities they delegate if they still want to be involved in the business, but with many tasks ahead, it can still feel like a full-time job. You can unlock your property's full potential by optimizing operations.
Hiring a professional property management team to handle rentals is one of the smartest things a property owner can do, which is why over 40% of landlords avail services from companies like CRM Properties.
What exactly can we do? We offer services like:
- Marketing
- Tenant Screening
- Rent Collection
- Maintenance
- Routine Inspections
- Accouting
- Eviction
We want nothing more than to see your rental business thrive, and with CRM Properties, we will strive to maximize the value of your property and put money in your pocket. All that's left to do is to contact us to learn more!