Buying a rental property can be a great investment, with a steady cash flow from tenants and the potential for a big return on investment if you monetize your real estate.
But dealing with tenants is typically the most time-consuming and emotionally stressful aspect of being a landlord. From midnight maintenance calls and refereeing squabbles to rent collection, tenant relations can be overwhelming. That’s especially true if you have more than one property or have a full-time job that takes up a lot of your time.
That’s when you call in a professional property manager. A professional property manager can be the middleman between your tenants and you, handling all of the day-to-day communication, resolving issues, and handling negotiations. Whether your tenants are a godsend or a nightmare, a third party can do the heavy lifting.
Consider these seven reasons why you should retain the services of a reputable property management firm like Green Residential to handle tenant relations. You’ll find that outsourcing this critical task can afford you less stress and happier tenants.
1. A Good Property Manager Will Keep Things Friendly and Professional
Some investment property owners make the mistake of becoming too attached or too involved with tenants. They may excuse late rent or turn a blind eye to the violation of rules. Such inconsistencies can lead tenants to exploit your sympathies in the future.
A property manager will have a heart, but that won’t stop the service provider from doing what needs to be done. It will ensure tenants live up to lease agreements and escalate matters if the situation calls for it.
A property manager understands how to deal with even the most uncomfortable of situations—whether it’s about late rent, noise complaints, or lease violations—without developing an emotional attachment.
It’s in the interest of rental property owners and tenants to have this objective professionalism. Hiring the right service provider will safeguard your peace of mind and your investment.
2. A Good Property Manager Will Resolve Disputes Quickly
Even with wonderful tenants, disagreements are possible. If these issues aren’t handled properly, things can snowball. It might be a scenario where a tenant makes a noise complaint or a tenant calls to say their AC unit is not functioning correctly. Small issues, if left unfixed, can become full-blown problems and even lead to small claims court.
This is where the expertise of a property manager can help. Such professionals know how to handle tension, communicate, and resolve problems. A good property manager will look into complaints, arrange repairs as required, and encourage open, two-way communication so that tenants don’t feel ignored or taken for granted.
Property managers are familiar with local tenant laws and know when to step in and when to seek legal advice. Such knowledge ensures issues are resolved professionally and within the boundaries of the law rather than on pure emotion.
With a property manager handling tenant relations on your behalf, you can be sure of prompt and professional problem resolution—without your having to step in.
3. A Good Property Manager Will Execute Proper Lease Agreements
Landlord-tenant laws should be taken seriously. Violating the laws will get you into trouble. You might even get sued. A good property manager will know the ins and outs of landlord-tenant regulations and ensure that everything done is legally sound.
A service provider will comply with the law when sending notices of late payment or filing eviction notices. It’ll also keep proper records of all contact with tenants, rent payments, and repair requests. You’ll want such information in case of disputes.
For example, when a tenant defaults on rent and tries to justify doing so by saying you failed to adequately maintain the property, a property manager’s detailed maintenance records will provide the sort of proof that will vindicate you during legal proceedings.
4. A Good Property Manager Will Boost Tenant Satisfaction and Retention
Tenant turnover can be a costly proposition for landlords. Every time a tenant moves out, you’ll have to deal with lost rent, cleaning the unit, and advertising the vacancy until a suitable replacement tenant is found. That process can take months.
It’s better to keep the tenants you have than to have to find new ones, and a property manager can help. Ensuring that tenants are treated properly is your number one priority. Remember that they’re the ones that make the passive income possible.
A good property manager will screen applicants to find good tenants, maintain open communication and be responsive to tenant needs, and be fair and professional. Happy tenants are more likely than unhappy ones to renew their leases and stay put.
If tenants know they can rely on speedy repairs and a communicative landlord, they’ll have every reason to stay. So, hiring a property manager to take care of tenant relations can be one of the best investments you make as a rental property owner.
5. A Property Manager Will Make It Easy to Communicate and Make Maintenance Requests
As a rental property owner, you’ll have lots on your plate. You might not want to deal with the constant stream of back-and-forth phone calls, emails, and text messages. Even if you want to stay on top of things, it’ll be easy for things to fall through the cracks. And that’s one way to upset tenants and compel them to look elsewhere.
A property manager can make things easier for you and your tenants. Your tenants will be able to contact the service provider whenever they need help.
6. A Property Manager Can Handle Difficult Circumstances with Competence and Discretion
Occasionally, landlords must handle difficult cases involving their tenants. It’s inevitable. Whether late payments or a breach of lease terms, you may have to engage in difficult discussions with tenants. Of course, you can hire a property manager to handle such situations so that you don’t have to get stressed out.
A professional property manager has the training and the skills to handle difficult situations with tenants. They will understand how to serve any notices properly, document the violations, and handle the matter in a professional manner. If eviction is the path that must be taken, the property management firm will handle things the right way.
7. A Property Manager Will Save You Time and Lower Your Stress
Hiring a property manager means you won’t be tethered to your rental property or your phone. Handling tenants is time-consuming—and you might not have the time. A property manager will take a load off your shoulders, giving you time to focus on portfolio expansion, your day job, or just life in general.
Rental property owners who try to do it all by themselves burn out faster or let things slip through the cracks. It makes sense to hire a property manager whom you can delegate tasks to. Achieving a good work-life balance is essential. Getting help is one way to achieve it.
Tenant relations will either make or break your success as a landlord. A breakdown in communication or management can sabotage even the best real estate investment. Not only will a good property manager make your life easier—it will maximize your investment.
Hiring a property manager is an investment in future profits, efficiency, and stability. If your rental property is to succeed, you need tenants who actually want to live there. Having a property manager handle tenant relations is one way to achieve this goal.
Whether you own one or more investment properties, a property manager can make all the difference. Green Residential is a premier property management firm that works with rental property owners who want help making the most of their investments. We offer a wide range of services to make your experience as a rental property owner less stressful and more profitable. To ask questions or to discuss how we can help, contact us today!
Tiffany is the Director of Operations at Green Residential.She has been in the multifamily property management industry for 7 years, serving most recently as an Area Manager in Nashville, TN. Tiffany specializes in all aspects of the property management process.
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