There's a reason why the job outlook for property managers is expected to increase by 5% over the next decade. Renting out your investment properties can be a lucrative way to earn passive income.
However, considering the amount of work that's required it's not exactly passive. That's why many home and building owners turn to property managers. These professionals take care of your property while providing you with owner disbursements.
But exactly what does a property manager do for you? And is hiring one the right call for your business? In this guide, we'll answer these questions so you can make your Eagan real estate life easier today.
What Is a Property Manager?
It's estimated that there are over twenty million rental properties in the United States. Now not all of the investors who own these properties manage them. A fair percentage of them don't.
Instead, they rely on property managers to deal with the tenants. In exchange for managing the property, these professionals collect management fees. A property manager will take over most if not all of the landlord's responsibilities.
What Do They Do?
Property managers are responsible for finding tenants for your properties. To do this, they'll likely employ property marketing strategies. They'll typically also help with screening tenants.
Once they're in place, they'll collect rent from them each month. If you aren't sure what to charge for rent, they'll help you decide on a price. In addition to this, they can also help with:
- Managing maintenance requests
- Make sure you're following landlord laws and regulations
- Handling the accounting
- Dealing with evictions if necessary
Overall these professionals are a great way to turn your property into a source of passive income.
What Are the Benefits of Property Management?
Dealing with tenants can be a pain. No one likes getting tenant calls on the weekend that they're experiencing a plumbing emergency. Even worse is if you get a problem tenants disregard the lease agreement or don't pay rent.
A property management company takes all of this off your plate. In addition to making your life easier, they can also help you get more money out of your property by maximizing your rental valuation.
Property managers are invaluable for people who own multiple properties or individuals who want to expand their portfolio. They allow you to focus on other types of properties.
What Are the Drawbacks of Property Management?
Property managers don't work for free. In exchange for their services, you will need to pay them a percentage of your rental income. However, when you consider the fact that they allow you to make money with minimal work it's easy to see how they're worth the cost.
You'll also need to be willing to relinquish a certain amount of control when you let a property manager take over.
Ready for Your Owner Disbursements? Contact PMI TC Metro
We hope this guide helped you learn more about how a property manager can help maximize owner disbursements. Here at PMI TC Metro, we're not only passionate about making your life as an Eagan property investor easy.
We also use our twenty years of experience to maximize your earnings. So if you're ready to get the most out of your rental properties with little to no effort, get in touch with us today.
