When you’re the owner of a rental property, it can seem as though you have a part-time job. Sure, you’re earning income, but you’re also spending time managing the place. Unless you hire someone else to manage the property, it’s not an entirely passive investment.
Hiring a property manager means adding an expense, but is it worth the cost? If you own a property in Santa Clara California for example, where property costs and rents are very high, you have a lot of money riding on your investment and will want to make sure it is a successful endeavor. In this case using the professional services of a local Santa Clara property management company will not only save you time, but will also provide peace of mind. For most rental owners having professional property management is well worth the cost which is usually about 8% of the monthly rental income for a single-family home.
Here are five ways a property manager makes your life easier.
They save you time
The biggest advantage of hiring a property manager is the time it will save you. You don’t have to attract and screen tenants, host property showings, make repairs yourself, hire contractors, or collect rents. If you have a full-time job and don’t want to spend your evenings and weekends working on things related to your rental property, hiring a property manager can alleviate that burden.
They can reduce your stress levels
One of the biggest sources of stress for rental owners is dealing with a difficult tenant. Hiring a property management company with experience in finding quality tenants can help avoid that problem entirely. Quality tenants take care of the property and pay rent on time, both of which can help rental properties owners sleep easier at night.
Speaking of sleeping easier, many property management companies offer 24-hour emergency service, which means that if there’s a problem in the middle of the night, the tenant calls the property manager, not you. A property manager that also facilitates follow-up to problems with the property or any tenant-landlord issue also reduces stress for the property owner.
They protect your investment
If you own a property in San Jose, Santa Clara or anywhere else in Santa Clara County, you’ve probably invested a good amount of money. Real estate is expensive, and rental rates are high, which means owning a rental property in the area is a high-stakes proposition.
Using the professional services of a local Santa Clara property management company, then, will help protect that investment for you. Protection of your investment is provided by completing regularly scheduled maintenance checks and tasks, which are meant to keep your property in top condition.
Financial protection is provided by the professional handling of all rental collection and bank deposits in a timely fashion. The income from your real estate investment is more predictable when that monthly rental amount shows up reliably every month in your bank account.
They can keep you out of legal trouble
Every rental property owner must comply with federal, state, and local laws as they pertain to the property and tenant relationships. Hiring a property management company that’s familiar with the local housing codes and ordinances, for example, can reduce the likelihood of a rental property owner running afoul of regulations.
A professional company management company will also have iron-clad and up-to-date documents such as leases and tenant notices, which can protect the rental property owner in the case of litigation or if eviction is necessary.
They can make it easier at tax time
Shuffling paperwork isn’t fun, and it can be downright frustrating for a rental property owner during tax season. You’ll want to have all rental payments and costs for maintenance and repairs documented. You’ll want to have copies of invoices and the dates they were paid. Even if you have an accountant handling your returns, you’ll be responsible for collecting all the tax-relevant information.
Or you could have a property management company keep track of it all for you. A good property manager should be able to handle recordkeeping and provide you with information as needed – including at tax time.
Do you need help with managing your property?
Valley Management Group is a San Jose property management company that has been managing properties in San Jose, Santa Clara, and throughout Santa Clara County for over 40 years. Check our Google reviews from both owners and tenants. Contact us for a free property management quote along with one free month of services when you sign up.