When you inherit a rental home, you may or may not want to keep it – but if you do, it’s probably in your best interest to hire a property manager. Working with a property manager helps ensure that you’re able to leave the day-to-day management headaches to someone else; your involvement is minimal. But is that the right choice for you?
7 Reasons to Hire a Property Manager When You Inherit a Rental Home
Check out these seven reasons you should hire a property manager:
- Property managers know rental laws
- Managing a property can become a full-time job
- You need established relationships with vendors
- You won’t have to deal directly with tenants
- Distance isn’t an issue
- It’s easier to reach your long-term goals with less direct work
- You get the peace of mind you need to keep the property
Here’s a closer look at each.
Reason #1 to Hire a Property Manager When You Inherit a Rental Home: Property managers know rental laws
Your property manager is well-versed in federal, state and local laws that relate to real estate, discrimination and other matters – and it’s absolutely essential that you stay on the right side of those laws.
Reason #2 to Hire a Property Manager When You Inherit a Rental Home: Managing a property can become a full-time job
Maintaining a rental home is very time-consuming, so unless you have an abundance of time, it’s unlikely that you’ll want to devote all your resources to it – particularly if you have a full-time career, family responsibilities and other obligations.
Reason #3 to Hire a Property Manager When You Inherit a Rental Home: You need established relationships with vendors
As a rental property owner, you will need the services of a handyman, contractor, tradesman, and supplier eventually. Having a property manager to maintain vendor relationships and know who to call for which problem will be an invaluable resource to you. Furthermore, a property manager can be there to oversee maintenance projects and ensure the work is done on time, within budget.
Reason #4 to Hire a Property Manager When You Inherit a Rental Home: You won’t have to deal directly with tenants
Renting out a home means dealing with tenants, who may call you 24 hours a day, 7 days a week. Your property manager can handle that for you. In fact, your property manager will handle all tenant issues, including:
- Finding tenants
- Screening prospective tenants
- Rent and fee collection
- Maintenance and repair requests
- Property walkthroughs
- Lease renewals and rent increases
Reason #5 to Hire a Property Manager When You Inherit a Rental Home: Distance isn’t an issue
If the rental property you inherited isn’t close to where you live, it’s almost certainly in your best interest to hire a property manager. Your property manager will be able to visit the home to oversee projects and deal with tenant issues, saving you a tremendous amount of time and resources.
Reason #6 to Hire a Property Manager When You Inherit a Rental Home: It’s easier to reach your long-term goals with less direct work
For many people, inheriting a rental property is a surprise – and if that’s your situation, that probably means you haven’t had time to develop a set of goals and do research on increasing the property’s profitability.
A professional property manager will help you find the right tenants and manage the many aspects of your landlord-tenant relationships. This includes collecting rent, handling conflicts, taking care of routine and emergency repairs, and so much more. An experienced property manager will also stay up to date on market studies and ensure that you are maximizing income while mantaining a low vacancy rate.
Reason #7 to Hire a Property Manager When You Inherit a Rental Home: You get the peace of mind you need to keep the property
Owning a rental home comes with many challenges (and even more responsibilities). A property manger gives you peace of mind. From finding tenants and managing them to caring for the property, handling legal concerns and everything else, you can rest easy knowing your property manager is on the job.
Do You Need to Talk to a Property Manager?
We’re here to help you every step of the way – all you need to do is sit back and collect your rent payments.
Call us at 617-262-3075 or fill out the form below now to find out how we can take all the stress out of renting out a property in Boston. We’ll take it from here!
