Here are a few reasons why we think a property manager can really help you succeed when owning a rental business - and also a few reasons why you may not need one!
The experience and knowledge of a property manager can save you money on many things you may not even know are problems.
By identifying maintenance issues before they happen, doing small repairs for free, keeping the property organized, clean, and operational, and always finding quality tenants, a property manager will save you considerably over time.
How do you value your time? Lighthouse charges a 6% monthly management fee - on an average $2000 unit, that’s $120.
If you value your time at roughly $50-$75 an hour and you spend any more than 2 hours dealing with tenant issues and your property, then you may be spending more than is necessary!
Most management companies have reliable trades on speed dial. Since a PM company is responsible for getting repairs done to multiple properties, they may be given priority over other service calls.
With Lighthouse, you’ll have access to first class trades who are vetted and trusted by us. They’ve done tons of jobs over many properties for us and always charge a fair price.
Property managers will likely be able to find better tenants for your property. If you think good tenants are the key to your rental property success, then you’re right. They make all the difference, since they’re the ones taking care of your house and paying your mortgage.
At Lighthouse, we feel as though we have mastered this process! It is our experience that by finding great tenants, and treating them well for the duration of their tenancy, that we actually spend significantly less over time on maintenance, renovations, cleaning costs, turnovers. Great tenants very rarely pay late or incomplete rent as well, which means you can count on the money being in your account when it needs to!
There’s also a few reasons we believe someone doesn’t need to hire a property manager:
Feel free to leave a comment below if you have any questions, or reach out to us by email at email@example.com
In reality, owning and renting out houses is pretty straightforward. Done right, they can be one of the best and easiest ways to earn a passive income. Done wrong, and they can be the easiest way to give yourself a headache and lose money.
So, how does one go about doing it right?