Around seven in ten rental properties are owned by individuals, who have only one or two properties. Many of these landlords have full-time jobs and other responsibilities to take care of.
If you're finding it difficult to manage a rental property, you may want to look for some extra help. Not only can hiring property managers take a weight off your shoulders, but it can also help ensure your tenants are happier than ever.
Looking for property management tips and advice? Below we'll tell you why you should look into hiring a property manager in Kansas City, KS.
What Is a Property Manager?
A property manager or property management company is an entity that a landlord can hire to perform management duties for an investment property on their behalf. Primarily, they'll help find tenants and take care of them once they move into your property. They can also help collect rent, schedule property maintenance, manage vendor relationships, and keep you organized and compliant.
Hiring a professional property manager can be a great idea because it can take a weight off your shoulders, helping you save time and energy. Although you'll need to pay property managers a commission or fee for their services, they can often help you make more money by ensuring your real estate business operates like a well-oiled machine.
What Property Managers Do
Kansas City property managers will take on a range of tasks when helping manage a property. Here are some of the main duties they'll take on.
Market Properties
Finding great tenants in the first place can often be a challenge for a property investor. Fortunately, a property manager can help market and advertise your property and give you the best chance of getting quality applicants.
Property managers know the right strategies for reaching people in your community and generating interest in your rental.
Screen Your Tenants
Once prospective tenants start applying for your rental, a property manager can screen them. When screening prospective tenants, property managers will thoroughly evaluate their suitability for your property.
They can request background checks and credit checks to get a closer idea of a tenant's reliability and ability to pay rent on time. They'll also help conduct interviews to get a better feel for whether they'll be a good fit or not.
Rent Collection
Once a tenant is in place, a property manager can help with the collection of rent to ensure you get paid in a timely manner. They can notify tenants before it's time to pay each month and help send them reminders when it's due.
A tenant may be able to pay by check or cash or use an online portal for more convenient payment options.
Tenant Relations
A property manager can also help keep good relations with tenants. If there are any maintenance requests or if a tenant has a dispute with other tenants, property managers can help resolve them.
Property managers will help your tenants feel well taken care of and can provide them with anything that they require.
Vendor Management
Property managers can also help schedule maintenance and inspections. They can work with vendors to ensure you're getting the best deals on all services that relate to maintaining your property.
They can help ensure that all maintenance issues get taken care of quickly and efficiently so that your property will stay in great shape. As a result, your tenants will feel more comfortable renting from you.
Compliance
It's essential to stay compliant with local and national renter and landlord laws. A property manager can help stay on top of all legal requirements and ensure your property meets them all completely.
Property managers can stay on top of the latest updates to real estate law and will help stay compliant and avoid legal problems.
Benefits of Hiring a Property Manager
There are a lot of benefits to hiring a property manager to take care of your rental. Here are some of the top reasons why you should consider it.
Make More Money
When your rental property is being managed efficiently, you'll get more out of it. A property manager can help market your property and reduce vacancies while ensuring you get quality tenants. They'll also help ensure on-time rent collection.
Property managers can also help maintain your property and allow it to maintain its value over time. As a result, you'll save more money and will have a more successful real estate business.
Frees Up Time and Energy
If you already have a day job or if you have other investments to take care of, it can be tough to stay on top of things and keep your tenants happy.
By giving duties to a property manager instead, you'll free up time and energy. This can take a weight off of your shoulders and allow you to focus on new investments or other things that can lead to even higher levels of wealth.
Professional Experience
A property management company or property manager won't just help you make more money and free up your time. They'll also ensure everything is done correctly. While you may be able to take care of many property management tasks yourself, you may not reach the same level of effective property management that professionals will.
Professional property managers take care of properties day in and day out and know exactly how to handle both expected and unexpected issues. They'll skilled in handling tenant screening, maintenance issues, tenant disputes, and other important duties.
Not only will they perform these duties on your behalf, but they'll do them better than you would have been able to do on your own.
Hiring a Kansas City Property Management Company
If you own a real estate investment property in Kansas City, a property management company can help make it a success. A property manager can handle tenant screening and ensure that your tenants are happy and your property is well taken care of.
If you need property management in Kansas City, consider hiring Oz Accommodations, Inc. With licenses in both KS and MO and with more than 32 years of experience, we can help you succeed as a landlord.
Ready to learn more? Reach out to us today to learn how we can help meet your needs.
