Ask yourself these basic questions:
1. Why do I take calls in the middle of the night for a cracked refrigerator water line? A few better property management companies have a 24/7 repair center that protects your property around the clock. The better management companies even provide tenants with their own online portal to submit non-emergency repairs followed up by a survey the tenants to ensure repairs were done to their satisfaction.
2. Why should I deal with late rent payments? Tenants should have the power to pay rent online, or with a credit card, or mail a check. Most property managers use software that reminds renters that rent is due before the first of the month and an extra service is to report late rent to Experian’s Credit Bureau.
3. Seventy percent of renters have a pet, so proper pet screening is a must. A manager should verify breed, age, obtain veterinarian records, medical condition, etc. Property managers will handle all the legal issues as well in regards to service animals, emotional support animals, etc. as attorneys are now recommending to allow pets to avoid costly lawsuits that you will either settle out of court or lose in court. You need to know the laws. Also, use PetScreening.com to limit your liability and increase tenant satisfaction.
4. Vacancies shouldn’t be Problem and no money should be left on your table! Your property manager should market your property on all thirty Orange County rental property websites, pay for professional photos, 360 degree virtual tours, have a 24/7 leasing call center and other amazing services to fill your rental property fast and avoid that quiet “vacuum sound” of lost cash flow.
5. Why am I spending more time with problem tenants than with my family? No need to explain to this one!
6. How do I track my net income and NOI (Net Operating Income) and make sure I am taking each of the eight tax deductions to minimize my tax liability?
7. How do I find out how much rent I can charge without losing quality tenants?
The 8th and most important way to know if you need a property manager is if you plan to keep your investment property in Orange County or you’re moving out of the area. A quality residential property manager is worth every penny for the work they do and it costs you nothing to explore all the benefits they have to offer.