Investing in real estate has become an increasingly popular option for potential investors. Fewer price fluctuations and ever-growing demand for housing have made real estate markets less riskier and more lucrative for investors looking for great returns on investment.
However, when it comes to investing in real estate, there’s more to it than just purchasing a property, renting it out, and collecting the rent. There is a lot more that goes into the process – and at times it can be a bit too much to handle.
Imagine getting a call from your tenant in the middle of the night complaining that the roof is leaking. As a landlord, you’re responsible for getting that fixed – but in the middle of the night? These are the times where you realize the importance of hiring a property manager. Here’s a few reasons why you may need to hire a property manager, apart from ensuring you don’t get any late-night or early-morning calls:
- You Get the Right Tenants. Your property managers will screen and scrutinize prospective tenants for their credit history, personal backgrounds, eviction history, and suitability for the property. You don’t have to worry about any of that.
- The Rentals Rates are Just Right. They know the markets well and the relevant parameters to set your rental prices. They will conduct the research and set rentals that are just right – not too high as to cause extended vacancy, but not too low that you’re leaving money on the table. This will make sure your collective rental income is as high as possible, therefore maximizing your return on investment.
- Efficient Marketing. To find the right tenants, you need to market and advertise your properties the right way. Your property manager knows how to do just that. They know what markets to target, where to find potential tenants, and how to advertise for best possible results.
- You Aren’t Geographically Limited. You could be residing in Pilsen and still own rental properties in Logan Square, Wicker Park, and other Chicago neighborhoods. You don’t need to drive across town for every showing, repair, or rent collection because the property manager will do all the legwork for you.