Why You Should Hire a Property Manager for Your HMO
Investing in a house of multiple occupation (HMO) is a wise business move but not one that should be taken lightly. Property management is a big investment, not just financially but also with your time, resources, and more. Many people invest in an HMO not realizing the depth of responsibility involved in managing such a property. Luckily, there are property management services available to ease the burden an HMO may be placing on your time. More free time isn’t the only benefit of a property management company, though.
A property manager finds better tenants
First time HMO owners often try to find tenants through referrals or advertisements online. This method brings in applicants, but they’re not always a great fit. An experienced property manager will thoroughly screen tenants using background checks, credit reports, employment verification, and more. A property management company also knows how to reach a larger pool of renters, so you’ll always have a waitlist of tenets available, minimizing the amount of time your space sits empty.
A property manager collects payments on time
One of the hardest parts of managing your own rental property is collecting timely rent payments. The process is stressful and can be awkward when a tenant is drastically behind on payments. A property management company knows how to collect rent payments efficiently and effectively because they have years of experience dealing with tenants.
A property manager knows how to market your property
Referrals are great, but they’re not a reliable way to market your property. You need to know where to advertise your rental as well as how to craft compelling material that will attract people to your HMO. A professional property manager knows exactly where, when, and how to advertise your property to attract the best tenants possible.
A property manager makes you more money
A lot of people dismiss the idea of hiring a property management company because they think it’s too expensive. In the long run, however, hiring a property manager can actually increase your profits. Yes, you have to pay a property manager a certain fee each month, but you receive a huge return on investment for the services they provide. For example, better tenants mean you’ll have less damage to the house, and more responsible tenants tend to sign longer leases. The waitlist of tenants a property manager typically has on hand will also reduce the amount of time your property sits empty. An empty space means you’re not making any money, so this is a huge financial benefit. Ultimately, with a property management company, your HMO will receive more care and attention to ensure you get the best return on investment.
A property manager saves you time
Stop to consider how much time really goes into managing a property. You have to send invoices, collect rent payments, advertise your property, complete maintenance, handle complaints, and more. An HMO can be a full-time commitment and managing it all on your own is difficult. Hiring a property manager to assist with property logistics will free up your time to focus on other investments and reduce the stress of owning a rental property.
If you’re ready to decrease your stress levels and start actually enjoying your rental property then contact Powerpillar today to discuss property management services.