If a landlord doesn't live near their rental property, how frequently do they have to visit the property?
While every Landlords situation is different, there are certain situations that typically sway owners one way or the other when determining if it’s in their best interest to hire a property manager. Rather than manage the property themselves. Certain rental properties and landlords can benefit from hiring a property manager.
For example, if a landlord doesn’t live near their rental property, how often do they have to visit the property?
We find that most landlords like to visit a property once per quarter, at least. Inspecting a property is not only a landlord right but a smart move to protect themselves and their investment. It’s important to be efficient, direct and out quickly while inspecting the property. It’s also important for landlords to check their rental properties to ensure their investment is being cared for.
What landlords discover is that not matter what time of the day it is, when maintenance is required they have to go out to the property immediately. This can be a constant interruption in a landlords day or week and can feel frustrating when having to be on call 24 hours a day. In addition to finding a quality vendor that will get the job done right.
A mentor of mine has always said “Never buy a property farther then you would drive to change a lightbulb because you don’t want to spend an hour in traffic each way for 5-minutes worth of work”
Funny enough most of the properties that we manage, the landlords live in the same city. Sometimes they live even closer than we are and they hire us to get their quality of life back. To take on the role of being an investor owning properties as opposed to an on-call maintenance person.
Maximize the profitability of your money
When a landlord decides that it’s time to hire a property manager what they discover is that property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 9-10%, which is generally less than the money you save by hiring a professional to take care of your property.
If you’d like to get that quality of life back, take on the role of being an investor, reduce vacancies and attract and retain top-quality tenants, all while improving your cash flow and bottom line, we can help. To learn more, get started here.