Being a landlord is no small task, especially if you’re juggling it alongside a career, family, or other commitments. While some landlords may try to handle their rental properties themselves, hiring a professional property manager can make a world of difference. Here are the 13 lucky benefits of hiring a professional property manager, as explained by Michael McVety, President of Red Fortress Property Management with over 25 years of property management and landlording experience in southwest Florida.
Why Hire a Professional Property Manager?
Before we dive into the benefits, it’s important to highlight why the emphasis is on hiring a professional. Part-time managers or those who dabble in property management lack the expertise or dedication required to ensure your property is handled effectively. A professional property manager focuses exclusively on this role, bringing systems, knowledge, and experience to the table.
1. Expert Marketing Strategies
One of the primary advantages of hiring a professional property manager is their marketing expertise. They know where and how to list your rental property for maximum exposure, ensuring fewer vacancies. They test and optimize marketing strategies, resulting in quicker tenant placements and reduced downtime between leases. In fact, a new study published in late 2024 shows that it takes longer for a typical landlord to rent their property than if a professional property manager does the marketing. We use other products such as local ads and dozens of websites that the landlords do not do.
2. Lower Vacancy Times
With deep knowledge of local rental markets, professional managers can accurately price your property based on current trends. This ensures your property is rented quickly, reducing costly vacancy periods which result in lost rent. Our property managers work specific geographic areas so they work "daily" in renting properties and know what the current market rent is. We would love to rent a property for a high amount, but our experience allows us to know better and make our clients money from knowing the actual market rent.
3. Thorough Tenant Screening
While landlords can pull credit reports and some records, professional property managers have access to advanced screening tools, including detailed eviction and criminal records. This ensures tenants are reliable and minimize the risk of payment issues or legal troubles. We use a unique background screening company that pulls court house records and not just have access to court house lists. It lowers our eviction rate tremendously. Please read more here: https://www.redfortresspropertymanagement.com/tenant-screening
4. Timely and Stress-Free Rent Collection
Rent collection can be a sensitive and challenging task for landlords. Professional property managers streamline this process, creating a clear system for timely payments. Their involvement also adds a layer of authority, making tenants more likely to pay on time. We can offer great benefits for online payments with credit scores being raised! In addition, we can provide a lot of different ways for someone to pay their rent on time.
5. Legal Expertise
Navigating city, state, and federal rental laws can be overwhelming. From security deposits to fair housing regulations, a professional property manager ensures compliance with all legal requirements, reducing your risk of costly lawsuits. Several examples to this is that there are currently 104 laws at the federal level that are in "discussion" that could after landlords in our area, as well as Florida laws that affect us such as the 2024 Squatter law that passed within 48 hours!!
6. Efficient Maintenance Systems
A professional property manager doesn’t just handle maintenance—they track it. By using systems to ensure repairs are handled promptly and efficiently, they boost tenant satisfaction and retention. Long-term tenants mean fewer turnovers, saving you money. In addition, many maintenance systems provide a simple way to see the maintenance history of a property and track key warranty details such as for a new roof or appliance.
7. Strong Vendor Relationships
Established property managers often have long-standing relationships with trusted vendors. These partnerships ensure high-quality repairs and services at competitive rates, sparing landlords the stress of finding and vetting contractors. Red Fortress even has some contractors that are second generation! When a property manager has reliable vendors, this really takes the stress away from ordering work to be done in a timely fashion.
8. Reduced Stress for Landlords
Landlording comes with its fair share of stress. From late-night maintenance calls to tenant disputes, managing a property can quickly become overwhelming. Hiring a property manager allows you to offload these daily responsibilities, giving you peace of mind. Many landlords would like a property manager but they are often concerned about giving control away to someone they are not certain they can trust. We understand and a property manager's experience and knowledge will reduce this stress and uncertainty.
9. Better Renter Retention
Happy tenants stay longer, reducing costly turnovers. Professional property managers foster tenant satisfaction by maintaining the property, addressing concerns promptly, and offering perks like renter’s insurance or credit-building programs. In a 2024 study of landlords, many landlords realize that a professional management company does offer unique benefits for residents to stay longer.
10. Organized Financial Records
Keeping track of income and expenses can be tedious, especially during tax season. Professional property managers provide organized financial records, consolidating bills, payments, and other documents in one place. This makes it easier for you (or your accountant) to handle taxes.
11. Hassle-Free Evictions
No landlord enjoys filing an eviction. It’s a stressful and emotional process. Property managers handle evictions professionally, ensuring all legal paperwork is filed correctly. Their experience minimizes the chances of errors or delays and even damage to the property. Most often than not, a property manager does not charge additionally to file an eviction.
12. More Time to Expand Your Portfolio
When you’re not bogged down with day-to-day management tasks, you can focus on growing your real estate investments. Property managers free up your time, allowing you to scout for new opportunities and expand your wealth. Many professional property managers will even help you see if a possible new investment makes sense financially. They should quote you the rent and the quote should be accurate- since they are not involved with the possible sale!
13. Freedom to Focus on What Matters Most
Beyond growing your portfolio, hiring a property manager gives you the freedom to spend time with family, pursue hobbies, or advance your career. While they handle the complexities of property management, you can focus on what matters most to you. This is one of the major reasons that there is a property management profession: allowing property owners to have an investment property or properties and let a focused, professional property manager handle the daily details.
The Role of a Property Manager: A Business Partner for Your Rentals
Being a landlord is like running a business. And just like any business, there are tasks you might not enjoy or excel at. Hiring a professional property manager ensures those tasks are handled effectively, keeping your “business” running smoothly.
If you’ve ever struggled with marketing, tenant disputes, or maintenance headaches, consider hiring a property manager. Not only will they save you time and stress, but they’ll also help maximize your rental income and protect your investment.
Contact Red Fortress Property Management
For more information on how a professional property manager can help you, feel free to reach out to Michael McVety at mike@redfortresspm.com. With decades of experience in property management, Michael and his team are ready to make landlording easier for you.
