Picking the wrong property manager can cost you more than just their fees. Here are a few ways that choosing the wrong property manager can impact your bottom line:
- Higher vacancy rates: A good property manager will work to minimize vacancy rates by finding reliable tenants and retaining them for as long as possible. If your property manager has high turnover rates, it can cost you money in lost rent and the expense of finding and screening new tenants.
- Lower rent: A property manager who is not aggressive in setting rent rates or negotiating with tenants may result in lower rental income. Over time, this can add up to significant lost revenue.
- Poor maintenance: A property manager who doesn’t prioritize maintenance can lead to costly repairs down the line. Neglecting small issues can turn into larger, more expensive problems that can significantly impact your budget.
- Legal issues: A property manager who doesn’t follow local laws and regulations can result in costly fines or legal action. This can be especially problematic if you are not familiar with the laws in your area.
By choosing the right property manager, you can ensure that your rental property is well-maintained, has a good occupancy rate, and generates a steady stream of income. The cost of a good property manager is well worth the investment in the long run.