We talk to a number of landlords and rental property owners in Bridgeport who want to know why they should pay for professional property management. It might seem simple enough to manage and maintain a rental property on your own, but there’s actually a lot of time and knowledge that’s required to do it well.
Peace of Mind
When you work with a professional manager, you don’t get the 2am phone calls. You don’t have to deal with leaky toilets at all hours of the day and night. Professional management frees up your time. You don’t have to stay on top of all the maintenance and repairs, you don’t have to find and screen tenants and you don’t have to follow every detail that’s going on at your property. As property managers, we do all that for you.
Another good reason to pay for professional management is the requirement that you follow all the laws. Think about whether you even know all the laws pertaining to rental property.
There’s a whole section in the Connecticut Property Code dealing with rental properties and landlord tenant law. We are very familiar with that and if you don’t know the law, you can get yourself into trouble.
Better Returns on Your Investment
We can make you more money than you can make for yourself. Even after you have paid our fees, you’ll be able to earn more on your investment property. You’ll have less vacancy, which is a huge drain on any landlord’s bottom line. We know what the market can bear for rent. When we charge a higher rent and get that money to you faster, you are more successful.
There are leasing activities that professional managers can do but individual landlords cannot. We also get discounted maintenance rates from really great vendors. You don’t have to track down professional contractors when something breaks. We have those relationships in place already and we can get it fixed cheaper and quicker.
That will make the tenant happy and that’s going to make the tenant stay. Every day the property is vacant is a cost to you. We keep that cost down and profits up.
You can count on a better accounting system when you use a professional manager. We apply everything systematically so you get a one-page statement and a 1099 at the end of the year for your taxes.
These are the big reasons you pay for a professional property manager instead of doing it yourself. If you’d like to hear more, please contact us at Idoni Management.