Most successful real estate investors who have built large, profitable portfolios of single family homes, duplexes, or apartments overwhelmingly understand the value of delegating tasks so that they can better focus on their business. Even smaller investors, such as those who are beginning to build a short-term or vacation rental business can benefit from making smart choices to delegate some of their daily tasks, such as those involving property management.
If you own a small number of properties that you are using to build your short-term rental business but struggle to understand how paying a property manager could be helpful, here are some convincing reasons you may not have considered.
Ensuring that all rental regulations are followed
One of the first, and likely most important, reasons to consider using professional property management services is to ensure that your rentals and all interactions with your tenants and applicants meet area, state, and federal regulations. Reputable professional property management services understand the liability that property owners can face so they strive to stay current on changing regulations to help their clients comply. Some of the ways in which professional property managers bolster compliance with regulations is by:
- Ensuring that applicant screening processes comply with applicable laws
- Ensuring that personal data is secured and managed to protect sensitive information provided by applicants and tenants, including names, dates of birth, social security numbers, and financial information
- Ensuring that signage, marketing, and other documents comply with current fair housing guidelines and other applicable housing regulations
While individual property owners certainly could handle these duties, the time used to do so is likely to be much more profitable for them if spent acquiring other properties or improving those they currently own.
Serving as the initial point of contact
Another critically important reason to hire a professional property management service is to lessen the number of interruptions and distractions to the work day. Property owners who are forced to respond to every call from applicants, tenants, service providers, and landscape and maintenance contractors will have little time left in their day to work on their business goals. Professional property managers are able to be the initial point of contact to answer and direct many of the calls related to this type of rental business to free up their client's time.
To learn more about professional property management and how your business might benefit, take time to meet with a reputable property management service in your area.